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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Jeff Sorg is a co-founder of OnlineEd®, an online real estate, mortgage broker, and vocational school founded in 1997, where he also serves as Chief Executive Officer, and School Director. Sorg holds vocational and post-secondary school instructor licenses in several states and has authored numerous real estate continuing education and pre-licensing courses and has been awarded the International Distance Education Certification Center’s CDEi Designation for distance education. Memberships include ARELLO (Association of Real Estate License Law Officials), the National Association of REALTORS®, Oregon Association of REALTORS®, and Portland Metro Association of REALTORS®. Awards and service include REALTOR® Emeritus in the National Association, Life Member award in Portland Metro Association and Chairperson of the Oregon Real Estate Forms Committee.
OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.