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.
South Dakota Lead Based Paint Disclosure for Sales Transaction
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Description Lead Based Paint Disclosure
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Lead Paint Sales Other Form Names
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Lead Paint Disclosure Pdf FAQ
If you plan to sell your home, it's legally required that you disclose your knowledge of the existence of lead paint. Lead paint sales and applications were banned in the United States in 1978. However, homes that are older than this may still have lead present.
The seller of any interest in residential real property is required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspections in the seller's possession and notify the buyer of any known lead-based paint hazards.
Correct Before the purchaser or lessee is obligated under a contract for sale or lease. Purchasers or lessees must receive the lead-based paint disclosures before they become obligated under a contract for sale or lease, which generally occurs when the contract or lease is signed. 5.
The Rule states that if an agent is involved in a transaction to sell target housing, the "Lead Warning Statement" must include a statement signed by the agent that the agent has informed the seller of the seller's legal obligations and that the agent is aware of his/her duty to ensure compliance with the Rule.
Under the Disclosure Rule, any seller or landlord must disclose information concerning lead-based paint and/or lead-based paint hazards when selling or leasing to any prospective purchaser or tenant of residential housing. The residential housing covered by the Disclosure Rule are those units built before 1978.
As long as the salesperson has informed the sellers or lessors of their obligations to disclose, the salesperson won't be held liable for the failure to disclose to a purchaser or lessee the presence of lead-based paint or lead-based paint hazards known by sellers or lessors but not disclosed to the salesperson, says
Federal law requires you to provide certain important information about lead-based paint and/or lead-based paint hazards before a prospective buyer is obligated under a contract to purchase your home.Inform the seller of his or her obligations under the Real Estate Notification and Disclosure Rule.
The lead-based paint disclosure form is a required form to be issued to all tenants and potential buyers for residential properties built before 1978.The forms were written to warn any new owners or tenants of the potential existence of this within the interior walls of the residence.