Lead Paint, Liability, and Legislation
I've been trying to understand the pitfalls of buying old buildings ("old" as in built in the 1930s). I know there is the whole "we never tested for lead so we can't say for sure and also we don't want to know" game. I also read that many, many buildings contained lead paint, and you can basically operate under the assumption that it's present. I think I saw that you must disclose to tenants that the building was built before 1978 and so lead paint is a possibility.
What I can't figure out is how to protect yourself from liability as a landlord in the event that a tenant becomes ill and decides to take legal action against you. Is this something you have to talk to an attorney about? Is there a clause in the lease agreement that would protect you? Does the disclosure protect you? If the lead paint is abated by a professional, is there a guarantee from them that protects you?
Does anything trigger on property sale in South Bend where you are obligated to do an inspection and/or remediate?