Radon Testing and Disclosure. The Radon Awareness Act applies only to “transfers by sale of residential real property.” 420 ILL. COMP. STAT. XXX. 46/15. The seller disclosure requirements of the Radon Awareness Act do NOT however apply to, among other types of transfers, “a transfer by a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust who has acquired the real property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale.” 420 ILL. COMP. STAT. XXX. 46/20(2). Moreover, and as a matter of federal law, 12 U.S.C. § 1821(d)(2)(A)(i), if Seller is the FDIC in either capacity named in the Contract, it succeeded to all of the rights, titles, powers, and privileges of a failed insured depository institution who was a mortgagee or a successor in interest to the mortgagee's secured position or a beneficiary under a deed in trust and who acquired the Property by deed in lieu of foreclosure, consent judgment or judicial deed issued pursuant to a foreclosure sale, including, without limitation, the benefit of the exclusion set forth in § 46/20(2).
Appears in 4 contracts
Samples: Confidentiality Agreement, Confidentiality Agreement, Confidentiality Agreement
