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The Legal Pad of Richard Magnone |
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The Legal Pad of Richard Magnone
this month: New Federal Law Affects Sellers and
Landlords.
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THE LAW OF LEAD BASED PAINT Recent regulations by the U.S. Environmental Protection Agency and the Department of Housing and Urban Development, in conjunction with HUD's campaign to prevent lead based paint poisoning, regarding the disclosure of lead based paint hazards has gone into effect. The laws can be found at 24 CFR Part 35 and 40 CFR Part 745. As a result, home sellers, real estate brokers, and landlord's may be subject to liability for lead based paint hazards and home sellers and landlord's may even be subject to lead paint removal. The new regulations apply to all homes or commercial residential structures built prior to 1978 being offered for sale or rent. The regulations require sellers and landlords to provide buyers and renters, including lease renewals, with a lead hazard information booklet developed by the EPA, HUD, and the Consumer Product Safety Commission and published by the National Lead Information Clearinghouse. In addition, sellers and landlords must disclose the presence of lead based paint and lead based paint hazards and provide any lead hazard evaluation reports to the buyer. Also, real estate contracts and lease agreements for property built prior to 1978 must include certain notifications and disclosures. Failure to comply can lead to serious penalties. The government can impose civil penalties up to $10,000 for each violation, treble damages, court costs, attorneys fees, injunctive relief, and even criminal sanctions ranging from a fine of $10,000 for each violation up to one year in prison. If you are a home seller, consult a real estate lawyer to make sure that the proper disclosures have been made to your buyers. If you are a landlord, consult a lawyer to determine whether or not your current lease requires updating to meet the requirements of this Federal regulation. For more information, contact Richard Magnone at 773-399-1122 Check These Sites Too: For more information: Illinois
Department of Public Health Environmental Health DISCLAIMER This website is intended to supply general information to the public. Although the information is generally accurate, it cannot be guaranteed. The nature of Legislation is that laws change quickly, and visitors should always insure that legal information is accurate before relying on it. The above information applies the law of the State of Illinois. The law in your jurisdiction may be different. This information is necessarily brief and may or may not apply to your situation. In all cases, PLEASE, consult a lawyer before acting. This website is not intended to be advertising, solicitation, or legal advice. Thus, the reader should not consider this information to be an invitation for an attorney-client relationship, should not rely on information provided herein, and should always seek the advice of competent counsel in the reader's state. |