Home owners are required by law to accomplish several forms when they want to put their property up for sale. One of the most important forms is the Lead-Based Paint Disclosure Form.
Recent studies have revealed that the lead content in some paints are hazardous to one’s health and can cause neurological damage, behavioral problems and other diseases and conditions. Young children are most susceptible to the effects of lead poisoning.
The Lead Based Paint Disclosure Form is not really very necessary for homes built from the 1980’s to the present, as the main components of paint have already been altered. Home owners need to fill up this form if their home was built prior to the year 1978. Without this, the contract for sale will not be approved.
What are included in the Lead Based Paint Disclosure Form? In essence, the forms are meant to disclose information on the locations where lead-based paint was used.
Whether or not the home was built before 1978, sellers should allow the potential buyers to conduct their own paint inspection or risk assessment. Copies of the inspection results, as well as the disclosure statement must be kept on file for at least three years from the final date of sale.
Those who refuse to comply with Lead Based Paint Disclosure Laws can be penalized. Punishments include payment of damages, lawyer’s fees and other incidental costs, and a cash fine of up to $10,000.00.
BEST DEAL – Real Estate Homes Sales Package
Unlimited Access (60+ Forms) for Only $14.99. Includes a Real Estate Purchase and Sales Agreement, Counter Offer (Addendum) Form, Offer to Purchase Real Estate Form, Disclosure Forms, and more.
You will also get a FREE copy of Home Selling Secrets with your order.