I remember a closing that I attended a few years ago that was rather “paper-intensive”, as the purchaser had obtained an 80-10-10 mortgage (80% first loan, 10% second loan, 10% own funds) and therefore had to sign two mortgage packages at the closing table, instead of one. Visualize for a moment, if you will, a stack of papers, almost two inches tall. This closing was taking forever. It was then that the seller’s (admittedly experienced) attorney, in his boredom, casually remarked how he missed the old days, when the parties to a transaction had to sign four or five pieces of paper each, and the deal was done.
No siree, not no more. In Chicago, it all starts with your listing agent asking you to complete and sign (and sometimes initial) at least a IL-Residential Disclosure Form, a Lead-Based Paint Disclosure Form, a Mold Disclosure Form, and a Heating Disclosure Form (which must be obtained from People’s Energy first).
And here comes another one, starting January 1, 2008: The Radon Disclosure Form (officially: Disclosure of Information on Radon Hazards – pdf file). Don’t shoot the messenger, I’m just reporting on the newly enacted “Illinois Radon Awareness Act” (“The Act”, harhar). What is this disclosure all about? Radon is an odorless radioactive gas that comes from naturally occurring uranium in the soil, and can enter homes. Some basic information about Radon hazards can be found here (pdf-file).
In other words, starting January 1, 2008, before a buyer will become bound on a contract to purchase real estate in Illinois, the seller will be required to provide to the buyer a pamphlet entitled “Radon Testing Guidelines for Real Estate Transactions” (pdf-file) and the above mentioned “Illinois Disclosure of Information on Radon Hazards”. Your Realtor should have both pieces of information (pamphlet and disclosure) in their toolbag.
