Il Lead Based Disclosure With Lease
Description
How to fill out Illinois Lead Based Paint Disclosure For Sales Transaction?
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FAQ
Lead Warning Statement Before renting pre-1978 housing, lessors must disclose the presence of known lead-based paint and/or lead-based paint hazards in the dwelling. Lessees must also receive a federally approved pamphlet on lead poisoning prevention.
The Residential Real Property Disclosure Act requires sellers in Illinois to present buyers with a disclosure listing the physical condition of the property, including the presence of lead. This act applies only to property that is currently occupied and excludes new structures.
Yes. A disclosure report must be completely filled out and provided to the potential buyers. This report includes disclosing any material defects that you are aware of, including but not limited to issues with the septic tank, issues with drinking water, issues with excessive radon levels, or even any known flooding.
Lender requires as a condition to the making of the Mortgage Loan that Borrower develop, implement and carry out an operations and maintenance plan for the containment or removal of paint containing more than one-half percent (0.5%) lead by dry weight (?Lead-Based Paint?) on the Mortgaged Property (?O&M Plan?).
Lead Based Paint Disclosure Illinois Details All sellers with homes built prior to 1978 are required to fill out a lead based paint disclosure Illinois form and provide you, the buyer, with a lead-based paint educational booklet in any sale.