Illinois seller disclosures: the report, radon and lead paint

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Disclosures protect buyers and sellers alike, and timing matters. Here are the three disclosures that come up in most Illinois residential sales, and when each one is due.

1. Residential Real Property Disclosure Report

The Residential Real Property Disclosure Act (765 ILCS 77) requires sellers of most residential properties with one to four units to complete a standard disclosure report about known material defects. It should be delivered before the contract is signed. Some transfers are exempt, so confirm with an attorney.

If the report is delivered after all parties have signed the contract and it discloses a material defect, the buyer may terminate within five business days after receiving it and get the earnest money back. That right ends once the property is conveyed.

2. Radon disclosure and pamphlet

Under the Illinois Radon Awareness Act (420 ILCS 46/10), the seller must give the buyer the IEMA pamphlet "Radon Testing Guidelines for Real Estate Transactions" and the Illinois Disclosure of Information on Radon Hazards before the buyer is obligated under a contract. Sellers must share any records they have showing elevated radon levels. The law does not require the seller to test or mitigate, though IEMA strongly recommends that buyers test.

3. Lead-based paint (homes built before 1978)

Federal law requires sellers of most housing built before 1978 to disclose known lead-based paint and hazards, provide any available records, give buyers the EPA pamphlet Protect Your Family From Lead in Your Home, and include a lead warning statement in the contract. Buyers get a 10-day opportunity to conduct a lead inspection or risk assessment, unless they waive it in writing.

Condominiums: one more set of documents

For condo resales, the Condominium Property Act (765 ILCS 605/22.1) lets the buyer demand documents such as the declaration, bylaws and rules, unpaid assessments, reserves, planned capital expenditures and the association's latest financial statement.

Keep it organized

Missing or late disclosures are a common source of last-minute stress. Track each one as a document request on the file so you, your client and the attorneys can see what has been delivered and when.

Sources

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