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
Form more information: Illinois EPA on Lead Based Paint
For more information: Institute for Research in Construction Lead based Paint Hazard Information
For more information: Chicago Title’s Summary of the Lead Based Paint Law
also check out: HUD user / Office of HUD Policy & Development