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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?).
Buildings built before 1978 are much more likely to have lead-based paint. Federal law requires you to provide certain important information about lead-based paint and/or lead-based paint hazards before a prospective buyer is obligated under a contract to purchase your home.
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.
Check impact or friction surfaces (windows and doors) for dust or deterioration. Landlord are required to disclose known information on lead-based paint and lead-based paint hazards before leases take effect. Sellers must disclose known information on lead-based paint and lead-based paint hazards before selling a house.
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.