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National Flood Insurance Program (NFIP) Extended

Congress last week passed, and President Obama signed, legislation to renew the National Flood Insurance Program (NFIP) through May 31, 2010. NAR is working with members in Congress to help ensure a lasting re authorization and extension is reached prior to the May 31 deadline. Congress allowed the NFIP to expire on March 28, [...]

Lead Renovation Rule May Affect REALTORS

Starting today, renovations that disturb lead-based paint in older residential dwellings and child-occupied facilities must generally comply with the Lead-Based Paint Renovation Rule of the Environmental Protection Agency (EPA). REALTORS® acting as listing agents or property managers who advise their clients to perform renovations, repairs, or painting projects for such properties may, as a matter of prudence, also want to inform them about these lead renovation requirements. One common example is when a listing agent recommends that a seller has a home painted to improve its marketability.

Under the newly implemented rule, renovators of target housing built before 1978 must now be trained and EPA-certified to perform safe work practices to prevent lead contamination. Additionally, renovators must deliver EPA’s lead renovation pamphlet to an occupant within 60 days before a project begins (and, if mailed, at least seven days before a project begins). Renovators must also obtain the occupant’s signed acknowledgment of receipt or substitute documentation as specified.

The EPA issued this rule in 2008, but delayed implementation until now. The rule generally applies to building contractors, handymen, residential landlords, property managers, and anyone else who is paid to perform renovations or to direct workers to perform renovations as specified. The lead renovation rule does not apply to homeowners renovating the homes they live in. However, sellers of target housing must, among other things, disclose to their buyers any known lead-based paint and lead-based paint hazards (C.A.R. Form FLD).

Continue reading: Lead Renovation Rule May Affect REALTORS