Posted by Jim IL on April 17, 2000 at 24:48:36:
Ron,
With my L/O’s and L/C’s I just have the T/B’er and/or Buyer take the EPA pamphlet on Lead Paint and sign a disclosure form then.
I seem to recall that you need to tell the tenants in a rental about that anyway. I am just not sure of that is a law, federal or state? or if it just common practice. A Realtor friend told me to do it, and I figured it could not hurt?
Let us know if you find out more,
Jim IL
Lead Paint Liability: Sale vs. Lease Option - Posted by Ron
Posted by Ron on April 16, 2000 at 22:11:25:
I currently sell rehabs. I make sure the buyer and I sign the lead paint addendum and I think that protects me (to a certain extent) from liability.
I’m going to try some more creative (non-rehab) deals and am curious about the potential lead paint liability.
It seems that landlords have greater exposure than outright sellers. Does that mean that I am a risk of a lawsuit from my tenant/buyers?
What if I sell on land contract? I still hold title, does that make the buyer a quasi-tenant?
How do I protect myself in lease/option or land contract deals?
Thanks.
Ron
Re: Lead Paint Liability - Posted by JPiper
Posted by JPiper on April 17, 2000 at 10:16:41:
Federal law requires that lead-based paint disclosure must be made on all pre-1978 housing to BOTH buyers AND renters. These forms are widely available. A booklet must also be distributed to the buyer or renter. This law would require the forms signed and distribution of the booklet under all forms of sale and/or rental.
Further, a new federal requirement went into effect last summer (June 1 I believe) that requires a form signed and distribution of a phamplet for renovation and/or repair involving the distrubance of more than 2 square feet of paint surface. Contractors, property managers, and landlords should be aware of and comply with this new requirement.
More information can be found at the EPA website.
JPiper