Chicago Association Of Realtors Lead Based Paint Disclosure
What is Lead-Based Paint?
Lead-based paint is a type of paint that contains lead as one of its ingredients. This type of paint was primarily used in homes and buildings until 1978 when it was banned by the federal government. Lead-based paint can be hazardous to human health, especially to young children and pregnant women.
Why is Lead-Based Paint Disclosure Important?
The Chicago Association of Realtors requires all real estate agents and brokers to disclose the presence of lead-based paint in any property built before 1978. This disclosure is important because it informs potential buyers or renters of the potential health hazards associated with the property.
Who Needs to Provide the Disclosure?
Any person or entity selling or leasing a property built before 1978 must provide the lead-based paint disclosure to potential buyers or renters. This includes real estate agents, brokers, landlords, and property owners.
What Information is Included in the Disclosure?
The lead-based paint disclosure includes information about the presence of lead-based paint in the property, the potential health hazards associated with lead-based paint, and any testing or evaluations conducted to determine the presence of lead-based paint. The disclosure also includes information about the responsibilities of the seller, buyer, or renter regarding lead-based paint.
When Should the Disclosure be Provided?
The lead-based paint disclosure must be provided to potential buyers or renters before they sign a contract or lease agreement. The seller, landlord, or real estate agent should provide the disclosure as early as possible in the transaction process to allow potential buyers or renters to make informed decisions.
What Happens if the Disclosure is not Provided?
If the lead-based paint disclosure is not provided to potential buyers or renters, the seller, landlord, or real estate agent may face legal consequences. Failure to provide the disclosure can result in fines and other penalties. In addition, the seller, landlord, or real estate agent may be held liable for any health problems caused by the presence of lead-based paint in the property.
How to Obtain a Lead-Based Paint Inspection?
A lead-based paint inspection can be conducted by a certified inspector or risk assessor. The inspector will test the paint in the property for the presence of lead and evaluate the condition of the paint. The inspection