26 April Could you explain the the federal law regarding lead-based paint disclosure? April 26, 2017By Cindy Sellers Lead Based Paint 0 The federal disclosure requirements only apply to properties constructed prior to 1978. So, if the date of construction is after 1978, federal law does not apply.The following is a summary of the federal requirements: Sellers and lessors of most residential housing built before 1978 must disclose the presence of known lead-based paint and/or lead-based paint hazards in the housing: Sellers and lessors must provide purchasers and lessees with any available records or reports pertaining to the presence of lead-based paint hazards in the housing; Sellers and lessors must provide purchasers and lessees with a Federally approved lead hazard information pamphlet; Sellers must provide purchasers with a 10-day opportunity to conduct a risk assessment or inspection for the presence of lead-based paint and/or lead-based paint hazards before the purchaser is obligated under any purchase contract; Sales and leasing contracts must include certain disclosure and acknowledgment language; and Agents must ensure compliance with these requirements. For more information from NAR on lead paint, click here. For more information from the EPA on lead paint, click here. Related Posts Can you explain the Lead Renovation, Repair and Painting (RRP) Rules? Can you explain the Lead Renovation, Repair and Painting (RRP) Rules? Is Maryland REALTORS® Maryland Lead Poisoning Prevention Program Disclosure Form required on the sale of homes built pre-1979 even if they have never been rentals? Is Maryland REALTORS® Maryland Lead Poisoning Prevention Program Disclosure Form required on the sale of homes built pre-1979 even if they have never been rentals? Is there a document I can use to help explain Maryland Agency law to my clients? Is there a document I can use to help explain Maryland Agency law to my clients? I know that there have been a lot of laws passed regarding the rights of tenants after a foreclosure. I also understand that I cannot provide legal advice to my clients; however, I would like to have a basic understanding of the rights of a purchaser at a foreclosure sale and the rights of tenants occupying the foreclosed upon property. In the Maryland Homeowners Association Act (HOA) (Title 11B, Section 106 (f)), it states that “the provisions of subsections (a), (b), (d), and (e) of this section do not apply to the sale of a lot in an action to foreclose a mortgage or deed of trust.” I assume this means that if a bank institutes foreclosure proceedings, no HOA disclosure requirement is enforced. But does that also apply to a bank-owned property that the bank is selling as a result of acquiring the property in foreclosure? Is the bank exempt from providing HOA docs to the potential purchaser and that the 5-day right of rescission does not apply? May a broker pay a referral fee to a builder for seller and buyer referrals? May a broker pay a referral fee to a builder for seller and buyer referrals? If so, what is the recommended method and timing for disclosure? Is the referral fee required to be shown on the Closing Disclosure and Settlement Statement? Comments are closed.