TheBlogDog.net: Streamwood IL homes, Legal Issues in Real Estate, Lyn Sims RE/MAX Suburban

Legal Issues in Real Estate - DO YOU KNOW WHAT THE LAWS ARE AND HOW THEY EFFECT YOU?

Numerous laws and regulations affect the buying and selling of property in the state of Illinois. 

Lyn Sims at RE/MAX Suburban (847)230-7324 knows what is required under current law, and what changes are being considered that can affect your buying or selling in Illinois.

What you should know about:
 

Carbon Monoxide Detectors

In 2006, the Illinois General Assembly passed a new law which 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 Sellers and REALTOR® liability.

Seller Disclosure

Illinois' Residential Real Property Disclosure Act, "Seller Disclosure," became effective October 1, 1994. The Act 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.

Radon Disclosure, NEW REGULATION EFFECTIVE January 2008

The 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.