08/08/2023
On August 7, 2023, SB23-206 Concerning Information about Radon in Residential Real Property Transactions, goes into effect. The law requires that each sales contract for a residential property contain the following, or a substantially similar, disclosure in bold faced type:
THE COLORADO DEPARTMENT OF PUBLIC HEALTH AND ENVIRONMENT STRONGLY RECOMMENDS THAT ALL HOME BUYERS HAVE AN INDOOR RADON TEST PERFORMED BEFORE PURCHASING RESIDENTIAL REAL PROPERTY AND RECOMMENDS HAVING THE RADON LEVELS MITIGATED IF ELEVATED RADON CONCENTRATIONS ARE FOUND. ELEVATED RADON CONCENTRATIONS CAN BE REDUCED BY A RADON MITIGATION PROFESSIONAL.
RESIDENTIAL REAL PROPERTY MAY PRESENT EXPOSURE TO DANGEROUS LEVELS OF INDOOR RADON GAS THAT MAY PLACE THE OCCUPANTS AT RISK OF DEVELOPING RADON-INDUCED LUNG CANCER. RADON, A CLASS A HUMAN CARCINOGEN, IS THE LEADING CAUSE OF LUNG CANCER IN NONSMOKERS AND THE SECOND LEADING CAUSE OF LUNG CANCER OVERALL. THE SELLER OF RESIDENTIAL REAL PROPERTY IS REQUIRED TO PROVIDE THE BUYER WITH ANY KNOWN INFORMATION ON RADON TEST RESULTS OF THE RESIDENTIAL REAL PROPERTY.
The new law also requires that the sales contract or sellerβs property disclosure for residential real property contain the following disclosures:
Whether a radon test or tests have been conducted on the property;
The most recent records or reports pertaining to the radon concentrations within the property;
A description of any radon concentrations detected or mitigation or remediation performed; and
Information regarding whether a radon mitigation system has been installed in the property; and
Provide an electronic or paper copy of the most recent brochure published by the Colorado Department of Public Health and Environment that provides advice about radon in residential real estate transactions.
Therefore, the Division of Real Estate is releasing four (4) of the Commission-approved forms by Monday, August 7, 2023 for use by brokers. The forms are:
Contract to Buy and Sell β Residential
Contract to Buy and Sell β Income-Residential
Contract to Buy and Sell β Residential (Colorado Foreclosure Protection Act)
Sellerβs Property Disclosure - Residential
Broker Practice Advisory: SB23-206 and Changes to the Commission Approved Contracts Colorado Department of Regulatory Agencies sent this bulletin at 08/04/2023 04:00 PM MDT Having trouble viewing this email? View it as a Web page. Broker Practice Advisory: SB23-206 and Changes to the Commission Appr...