For owners of more than four single-family homes or apartment units built prior to 1978 federal regulations implementing 42 U.S.C.Sec. 4852d. went into effect on September 6, 1996. They went into effect on December 6, 1996 for owners of four or fewer of these residential dwelling units. The regulations apply to real estate agents as well as sellers of residential dwelling units. Key aspects of the regulations are:
Update your residential real estate transactions checklist to make sure disclosure obligations are met and documented. The new regulations are published in the Federal Register at 61 F.R. 9064 and codified at 24 C.F.R. Part 35 and 40 C.F.R. Part 745. An excellent source of information on this subject is the National Lead Information Center at 800-424-LEAD.