Lead Based Paint Disclosure Illinois With Rental Property
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How to fill out Illinois Lead Based Paint Disclosure For Sales Transaction?
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FAQ
Lead Warning Statement The seller of any interest in residential real property is required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspections in the seller's possession and notify the buyer of any known lead-based paint hazards.
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.
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.
This law is commonly known as Title X (Ten). Environmental Protection Agency (EPA) regulations implementing Title X apply to rental property built before 1978. Under Title X, before signing or renewing a lease or rental agreement, a landlord must disclose any known lead-based paint or hazards on the property.
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.