When buying or selling a property, a purchase agreement addendum is often used to outline any additional terms and conditions that need to be addressed beyond what was originally included in the standard purchase agreement. One essential disclosure that may need to be included in this addendum is the lead-based paint disclosure.
Lead-based paint was commonly used in homes built before 1978, and exposure to it can be harmful, especially to children. As a result, the federal government passed the Residential Lead-Based Paint Hazard Reduction Act of 1992, which requires sellers of pre-1978 homes to disclose any known lead-based paint hazards to potential buyers.
The lead-based paint disclosure must include information about the presence of lead-based paint and its potential hazards, a pamphlet from the Environmental Protection Agency (EPA) titled “Protect Your Family from Lead in Your Home,” and a disclosure form signed by both the buyer and seller indicating that they have received and read the information.
This disclosure is typically included in the purchase agreement addendum and must be given to the buyer before the sale is finalized. It is important to note that this disclosure is required even if the seller is not aware of any lead-based paint on the property.
In addition to federal requirements, some states and localities may have their own laws regarding lead-based paint disclosures, so it is important to research any applicable regulations in your area.
Failing to disclose lead-based paint hazards can result in legal action taken by the buyer, so it is important to include this disclosure in the purchase agreement addendum and ensure that both parties have signed and acknowledged it.
As a professional, it is important to ensure that any mention of the lead-based paint disclosure in the purchase agreement addendum is clear, concise, and includes all necessary information. This will not only help to ensure legal compliance but also demonstrate a commitment to transparency and safety.