Use this form to provide your correct EIN to the person who is required to file an information return with the IRS
The Lead Disclosure Rule
Congress passed the Residential Lead-Based Paint Hazard Reduction Act of 1992, also known as Title X, to protect families from exposure to lead from paint, dust, and soil. Section 1018 of this law directed HUD and EPA to require the disclosure of known information on lead-based paint and lead-based paint hazards before the sale or lease of most housing built before 1978.
When a Property Manager is hired, they perform a variety of different services on behalf of the Owner. In general, the Property Manager does not have a financial interest in the home as they are not part Owner. However, they do take on the risk and liability as if they were a Homeowner. Assuming the Property Manager does carry E&O Insurance and General Liability insurance, this only offers protection from claims that are a result of the services provided by the Property Manager. It does not offer any protection against matters concerning the home itself.So in essence, the Property Manager assumes all the liabilities of a Homeowner but their insurance policies do not offer the same type of protection as a Landlord insurance policy. This leaves them vulnerable to claims and lawsuits arising from the property itself. Some examples of where the Property Manager would not be covered by their insurance policy include someone injuring themselves at the property, burglary, fire, water leaks, etc. A typical Landlord insurance policy will protect the Homeowner against claims arising from these examples, however, coverage is not provided to the Property Manager through their E&O Insurance or General Liability Insurance. To solve this problem, many Property Managers now require the Landlord to add the Property Manager to their insurance policy as an additional insured which then extends this coverage to the Property Manager.
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