All Colorado real estate management professionals are now legally required to include lead-based paint disclosures prior to subletting or renovating property. Lead poisoning is a serious issue that could result in serious health problems, including death.
As a result of the dangers posed by lead, an act was created in the year of 1992 that protects tenants. It is called the “Residential Lead-Based Paint Hazard Reduction Act”. The law associated with this act is more commonly referred to as “Title X”, with the “X” representing the number “10”. It was put into place by the Environmental Protection Agency (EPA) and applies to all rental property built in any year before the year of 1978. In this blog, you will learn about your responsibilities as a Colorado real estate management professional as it relates to lead and associated hazards. HUD has lead disclosure guidelines for most properties built before 1978. You can also download their many booklets.
Colorado Real Estate Management Professionals Legally Required to Disclose the Presence of Lead-Based Paint
EPA Regulations for Landlords
Prior to renting or leasing a home, all Colorado-based landlords are legally obligated to report any and all known hazards on the property – including the presence of lead paint. The real estate management professional must have a disclosure form that is approved by the Environmental Protection Agency that they and their tenants are legally required to sign. This establishes the presence of the hazards and confirms that the hazards have been discussed with the tenants. This form must be kept from the time that the tenancy starts and immediately thereafter, for a period of up to three years; however, for the purpose and intent of protection, it is advised that all landlords retain a copy of this disclosure for up to three years following the termination of the tenancy – just in case any complications arise. Additionally, tenants must be presented with the publication titled, “Protect Your Family from Lead in Your Home”. Failure to comply with these obligations may result in up to a $16,000 fine. If a tenant sustains illness and/or injuries, the real estate management professional may have to pay up to three times the damages suffered.
Many real estate management professionals are unsure of exactly where to obtain the necessary publications for their tenants when disclosing lead-based paint and similar hazards. These may be obtained from the website of the Environmental Protection Agency at www.epa.gov, subheading “lead” or by calling 800-424-LEAD. All of the state’s housing organizations have information, publications, and a multitude of other resources on lead paint hazards. You may also acquire information from local real estate agents and health departments. As a real estate management professional, it is absolutely essential that you take all of the necessary precautions in alerting tenants to the presence of lead-based paints and similar hazards as these may pose a severe health threat. As mentioned before, tenants may be entitled to up to three times the damages that they incur if they suffer from issues as a result of your negligence.
For more information on property management, visit our blog today at: http://rentmedenver.com/property-management-tips/