Lead Based Paint Disclosure for Real Estate Sales

If you are thinking of buying or selling a home you need to be aware of a federal law that requires sellers to disclose that the home may contain lead based paint if it was built before 1978.  In addition, the seller must disclose whether the home has been tested for lead based paint or if they have any records or reports about lead based paint in their home.  The seller(s) must provide this disclosure to potential buyer(s) prior to signing a contract.  The buyers shall also have a 10 day option to conduct their own lead based paint risk assessment.  If the buyers choose to conduct an assessment this becomes a contingency to the contract.  The results must be satisfactory to the purchasers meaning it is not a pass/fail situation.  The buyers simply have to be satisfied with the results.  For example, the results might come back saying that there is lead based paint in the home.  The buyers can say they are satisfied even though it tested positive or they can say they are not satisfied and therefore they are cancelling the contract to purchase.  Typically, the older the home the more likely it is to have LBP.  Many of the older homes have been repainted which tends to encapsulate the LBP.  The risk rises when the old paint is chipping, cracking or peeling.  There is the risk that young children may chew on the paint chips and consume lead.   The federal government has produced a pamphlet called “Protect Your Family From Lead in the Home”.  You can click here to download the pamphlet.
The disclosure requirement applies to rental homes as well.  Landlords are required to disclose to potential tenants that their rental property could contain LBP.  If you would like to see a copy of a lead based paint disclosure click here.  For lead based paint disclosures for rental properties click here.  Real estate brokers and landlord are required to keep a copy of their disclosure for a period of 3 years.  In summary, if you are a buyer be sure you have had a chance to review the sellers lead based paint disclosure before you sign a contract.  The same holds true for renters.   You can be sure that real estate agents will have these forms for you to disclose and sign.  Real estate agents in Niagara County and Erie County are very familiar with federal law to disclose lead based paint.  This s not something new.  We just felt it would be a good idea to review for everyone.  As always, if you have any questions feel free to contact one of our professional real estate agents by calling 716-754-2550 or contact us by email by visiting our contact page at https://www.greatlakesrealestate.com/contact-us