I've just completed reading an exceptional article that is concise about the "Lead Based Paint Disclosure Rule" here in Georgia. The Article was written by Seth Weissman, a rather talented individual who serves as the General Counsel for the Georgia Association of Realtors. This article was published in the October Edition of the Georiga Realtor. In summary he discusses the raionale for the rule, the health issues associated with lead posioning, disclosure of lead based paints in pre 1978 construction and the liabilities of all concerned including Realtors. He points out through examples owners, property management companies who have received significant fines from the EPA. The conclusion of the article was to say when in doubt if a property is pre-1978 and may contain lead based paints it is the prudent agent you provides the lead paint disclosure pamphlet to a client and have them sign that they have received it. Additionally, he suggests that you directly address the issue and that you maintain any and all documentation of the pamphlet being provided and the discussion of the topic in the file for at least three years.
It is interesting how this type of issue runs in cycles. We recently sold a commerical building (a small apartment building 8 units) that had been constructed in 1964 and rehab'd in 1994. Did we provide the Lead Based Disclosure form and pamphlet? You bet we did! We had to convince the seller that regardless of his rehabing the building in all probablity all lead based paints were not removed and should any issue arise particularly in light of the recent inspections by EPA it would be wise to fully inform any buyer. Additionally, we reviewed his rental agreement and made some suggestions to bring them into compliance. We apparently rattled his cage enough that he along with is maintenance man payed a visit to each unit did a physical inspection and gave individual explainations to each tenant who then signed an appropriate form.
This may appear to be reactive but being that we didn't come onto the scene until he elected to sell the property it was our responsiblity to assure things were done in a compliant fashion.
Comments(2)