Legal Issues in Real EstateNumerous laws and regulations affect the buying and selling of property in our state. Your Illinois REALTOR® knows what is required under current law, and what changes are being considered that can affect your transaction. What you should know about:
Radon DisclosureThe Illinois Radon Awareness Act requires that before a buyer will become bound on a contract to purchase real estate the seller will be required to provide a pamphlet entitled “Radon Testing Guidelines for Real Estate Transactions” and the Illinois Disclosure of Information on Radon Hazards. The pamphlets are provided by the Illinois Emergency Management Agency Division of Nuclear Safety. Carbon Monoxide Detectors Illinois state law requires the placement of Carbon Monoxide Detectors in residences. Find out what you should know about detectors and your compliance with this law. Lead-Based Paint Hazard Reduction Act Federal regulations regarding disclosure of lead-based paint and lead-based paint hazards were jointly released from the U.S. Environmental Protection Agency and the Department of Housing and Urban Development. The regulations focus on disclosure and REALTOR® liability. Seller DisclosureIllinois’ Residential Real Property Disclosure Act, "Seller Disclosure," is a consumer protection law designed to give buyers the benefit of the seller's knowledge about the condition of the property they are buying.
Understanding Agency Relationships in Real Estate Transactions
Source: IllinoisRealtor.org
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