New Disclosure Rules for Illinois Residential Real Estate Sales
It wasn’t too long ago that the Radon Disclosure became a requirement for every residential sale in Illinois. Now, the Radon Disclosure has been modified. What’s new? Well, 1) If you’re selling a condo or co-op on the third story or higher, you no longer need to provide a Radon Disclosure at all; 2) If you are a seller and your home previously had elevated radon levels which have since been mitigated, you will have space to disclose this on the Radon Disclosure; and 3) A new Radon Disclosure form is now available and should be used whenever a Radon Disclosure is necessary.
There is a also a new Illinois Residential Real Property Disclosure form available! Again, this new form should be used in all Illinois residential transactions. There is one primary difference between the old disclosure and the new one — now the seller is required to disclose whether or not he is aware if the property has been used as a meth lab in the past.
Real estate agents and for sale by owner homeowners beware — the law requires the use of the new forms! If you don’t have them already and are in the process of selling a house, make sure you obtain and complete these forms right away!