What are the consequences if a seller, landlord, or agent fails to comply with lead-based paint disclosure requirements?
A seller, landlord, or agent who fails to satisfy lead-based paint disclosure requirements can be sued for triple the amount of damages and may be subject to civil and criminal penalties.
Any broker or sales agent receiving compensation from the seller or landlord—either directly or through the listing broker—is considered an agent for purposes of lead-based paint disclosure requirements.
The way I understand it, if the EPA audits a brokerage they will randomly select files that require a LBP disclosure and if there are any issues with the disclosure form BOTH brokerages (if applicable) will be fined. Each paragraph of the form must have at least 1 box checked, all required signatures must be present and DATED. The buyers signature date can NOT precede the sellers signature date, but can be the same date as the sellers signature date and all signature dates must be equivalent to or prior to the effective date of the contract. The disclosure form… Read more »
You are absolutely correct.
How does this apply to a Seller that is a FSBO? Are they required to follow the same guidelines as we (Licensed Real Estate Agents) are?
Yes … it’s an EPA requirement
But what about assignment contracts. (Wholesalers) Unlicensed and Unregulated. I have had two dealing with them, neither one do i want to go through again. TAR legal hotline only said “They are Legal..” but not much more. They are breaking rules left and right and up and down. Makes no sense to me. The actual owner of the real property was an elder man and a gentle soul and he was nearly clueless as to what was going on. This is the kicker. The Wholesaler cleared just about as much as the true owner. Not much justice there. Also on… Read more »
We bought our 74 year old home 5 years ago. There was chopped paint inside and on the exterior of the home. Only recently have I become aware of the dangers of lead paint and the prevalence in older homes. After using a quick lead paint test from the hardware store, we have learned that we have lead chips of lead paint all through the perimeter of our home. As buyers 5 years later I am angry that I was not made aware of lead in my home. Our son was 1 year old when we moved into this hoise… Read more »
If a 1965 high rise building was completely remodeled in say 2015, is the Lead Based Paint Addendum still required?