Common use of Radon Testing and Disclosure Clause in Contracts

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).