The Risk Manager, Winter 1997
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:
- Housing covered is housing constructed prior to 1978.
- The rules apply to lease or sale (with some exemptions).
- The rules include a host of very specific seller disclosure requirements that include providing relevant records and a copy of an EPA pamphlet, “Protect Your Family from Lead in Your Home” or its equivalent. They also contain detailed guidance on what must be included about lead paint hazards in contracts and leases.
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.