This Lead-Based Paint Disclosure statement is required by Federal Law when selling residential housing built prior to 1978. If the home was constructed PRIOR TO 1978, this form is REQUIRED to be completed and signed by the seller and buyer. If the dwelling was constructed in 1978 or later, this form is not required. If in doubt about the timing of construction, use the disclosure form. Whenever the form is used, the seller must also give the buyer the EPA pamphlet discussed below.
The FHA Lead Based Paint Disclosure for purchase is an important and mandatory document that aims to protect buyers from potential lead hazards in properties built before 1978. When purchasing a home financed with an FHA loan, this disclosure informs buyers about the possible presence of lead-based paint or related hazards in the property. This allows buyers to make informed decisions regarding their purchase and take necessary precautions if lead-based paint is found. The disclosure requirement was initiated by the U.S. Environmental Protection Agency (EPA) to address potential health risks associated with lead-based paint, which was commonly used in homes until its ban in 1978. The disclosure ensures that buyers are aware of the potential risks and can take appropriate actions to safeguard their health, particularly for families with young children who are more susceptible to lead poisoning. The FHA Lead Based Paint Disclosure for purchase includes specific language drafted by the EPA and is typically included as an addendum to the purchase agreement or as a separate document altogether. It outlines the obligations of the seller and the buyer, ensuring that the buyer has received necessary information regarding the presence of lead-based paint. The disclosure form requires the seller to: 1. Disclose all known information about lead-based paint or lead-based paint hazards in the property. 2. Provide any available records or reports related to lead-based paint in the property. 3. Provide the EPA pamphlet titled "Protect Your Family from Lead in Your Home" or an equivalent informational pamphlet. The buyer, upon receiving the disclosure, has up to ten days to conduct a lead-based paint inspection, if desired. This inspection can be done by a qualified professional to assess the presence and condition of lead-based paint in the property. If any hazards are found, the buyer has further options to negotiate remedies with the seller, request repairs or additional disclosures, or even withdraw from the purchase agreement. It's important to note that the FHA Lead Based Paint Disclosure for purchase only applies to properties financed with FHA loans. Different types of FHA lead-based paint disclosures include: 1. FHA Lead Based Paint Disclosure (Sales Transaction): This is the standard disclosure form used in most residential real estate sales financed by an FHA loan. 2. FHA Lead Based Paint Disclosure (Rental Transactions): This is a disclosure form specific to rental properties where landlords renting out homes built prior to 1978 must provide tenants with information about lead-based paint and related hazards. These disclosure forms ensure that the buyer or tenant is made aware of potential lead-based paint risks and allows them to take necessary precautions or seek further inspections, fostering a safer living environment.
