Lead Based Paint Disclosure Mississippi With Rental Transaction
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FAQ
Section 1018 of this law directed HUD and EPA to require the disclosure of known information on lead-based paint and lead-based paint hazards before the sale or lease of most housing built before 1978.
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?).
This requires that potential buyers and renters of housing built prior to 1978 receive certain information about lead and lead hazards in the residence prior to becoming obligated to buy or rent, and provides the opportunity for an independent lead inspection for buyers.
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.
For which of following rental units is it necessary to provide a lead-based paint disclosure to tenants in properties built before 1978? The answer is a one-bedroom unit. A lead-based paint disclosure must be given to tenants in properties built before 1978.