property disclosures & environmental issues

lead

found in: paint, plumbing, dust, soil, drinking water. causes health issues in mostly children, infants, & elderly

title x (10) residential lead-based paint hazard reduction act

disclosing lead-based paint hazards & providing Environmental Protection Agency’s (EPA) “protect your family from lead in your home” pamphlet to buyers before entering into sales contract for property’s built before 1978

lead renovation, repair, & painting (RRP) rule

requires contractors who perform tasks that may disturb lead-based paint to be certified & follow up with lead-safe work practices

• failure to comply with title x EPA = fines & jail time

• buyers must acknowledge receipt of disclosure & pamphlet

radon 

occurs naturally & can be found in soil & water. enters homes through cracks. can cause lung cancer 

• owners can buy self-test kits & send to lab 

asbestos

fibrous material that is dangerous when begins to deteriorate & become friable (reduced to dust) particles can damage lungs when inhaled 

mold

from moisture & lack of air circulation - can cause allergic reaction or raspatory irritation 

groundwater contamination & underground storage tanks 

could be a concern. mining activities, landfills & AG pesticides contribute to ground water contamination. water disposal sites (landfills) usually are huge, excavated areas where waste is buried underground 

brownfields

properties that have been contaminated by commercial / industrial sites. contamination at these sites include, petroleum, industrial waste, waste & biproducts from methamphetamine labs 

floodplains

properties located in low-lying areas by water may rise in a flood plain 

special flood hazard areas (SFHA’s)

high-risk area where land is subject to flooding from 1% annual chance flood, also known as 100-year floodplain 

national flood insurance program (NFIP)

helps homeowners in floodplains obtain flood insurance 

federal emergency management agency (FEMA) 

provides search service that homeowners use to determine if their property lies in a floodplain 

clean air act of 1970

authorized EPA to establish air quality standards to protect human health & environment 

clean water act (CWA)

establishes a structure to regulate pollutants like oil, etc. that are discharged into USA waters - rivers, lakes, bays, streams, wetlands, mudflats, & parts of ocean are subject to these regulations 

comprehensive environmental response, compensation, liability act (CERCLA) of 1980

aimed at cleaning up abandoned / uncontrolled hazardous waste sites & responding to spills that could endanger public health / environment 

superfund

tax on petroleum & chemical industries partially funds project  

superfund sites 

sites the EPA identifies as needing cleanup 

national priorities list (NPL)

EPA identifies contamination site & puts it on a list for clean up 

superfund amendments & reauthorization acts (SARA) 

amended CERCLA to relieve innocent landowners of liability from pollution caused by 3rd party or contamination that occurred before owner purchased property 

environmental site assessment

buyers who are evaluating a commercial / industrial purchase of real estate are expected to evaluate various risks of purchase & can use this to do so 

4 stages of assessments:

1) investigation

2) testing 

3) clean up 

4) management 

national environmental policy act (NEPA) 

requires federally funded new development or construction projects to be evaluated for potential environmental impact 

environmental impact statement 

issued to outline potential negative impacts & introduce ways to mitigate any negative effects 

wetlands 

areas saturated by water with enough to support vegetation growing in saturated soil. presence of wetlands impacts property value 

caveat emptor “buyer beware”

buyer is responsible for making representations about property conditions 

Comprehensive Loss Underwriting Exchange report (C.L.U.E)

buyer may request a free report once a year which contains insurance company names, policy numbers, claim info. like, dates, loss types, loss payments, & info. from the last 7 years