Sellers and Lessors must disclose known information about lead-based paint
By Jeff Sorg, OnlineEd Blog
(July 6, 2017)
In 1994, the United States Environmental Protection Agency (EPA) and HUD drafted federal regulations on the disclosure of lead-based paint hazards in residential properties built before 1978 to comply with the Residential Lead-based Paint Hazard Act of 1992. The rules were implemented in 1996 in cooperation with the National Association of REALTORS®. These rules requre sellers and lessors, or their real estate agents to:
- distribute a federal lead hazard pamphlet,
- disclose any information known by the seller/lessor or the agent concerning lead paint and/or lead hazards in the house, and
- provide a 10-day or mutually agreeable period for a lead paint assessment or inspection before a purchaser/lessee becomes obligated to purchase.
The seller must retain the signed documentation demonstrating that the buyer/tenant received the required disclosure information for three years from the date of sale/lease. The REA requires these records to be retained by a principal broker/property manager for six years from the date of the sale.
You can view a sample of a lead-based paint disclosure here:
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