Lead Based Paint Disclosure Illinois With Commercial Property
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How to fill out Illinois Lead Based Paint Disclosure For Sales Transaction?
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FAQ
In addition, the agent is responsible, along with the seller or lessor, if the seller or lessor fails to comply; unless the failure involves specific lead-based paint or lead-based paint hazard information that the seller or lessor did not disclose to the agent. Read the regulations that includes these requiremenRts.
Individuals who knowingly fail to disclose the presence of lead in Illinois can be subject to strict penalties and fines. These can include up to one year in prison and up to $10,000 per violation. A buyer's real estate attorney can pursue remedy of up to triple damages against a seller or their agent.
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.
Disclose any known information concerning lead-based paint or lead-based paint hazards. The seller or landlord must also disclose information such as the location of the lead-based paint and/or lead-based paint hazards, and the condition of the painted surfaces.
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?).