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Was identified in the Report, HUD will perform stabilization if the cost estimate is $4000.00 or less. If the cost estimate is greater that $4000.00, HUD at its sole discretion may: (1) cancel the sales contract, or (2) allow the purchaser to amend the contract financing to FHA 203(k) or conventional. In the event that HUD cancels the sale, the purchaser will be entitled to a 100% refund of earnest money. If the cost estimate is $4000.00 or less and the Purchaser is dissatisfied with the inform.

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FHA borrowers in these situations must be given a 10-Day period before becoming obligated to purchase the home to conduct a lead-based paint inspection or risk assessment to determine the presence of lead-based paint or lead-based paint hazards . Borrowers also have the right to waive the opportunity to do this.

0:20 2:39 Suggested clip Lead Paint & Property Disclosures - YouTubeYouTubeStart of suggested clipEnd of suggested clip Lead Paint & Property Disclosures - YouTube

Lead Disclosure Rule Requirements 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.

Congress passed the Residential Lead-Based Paint Hazard Reduction Act of 1992 to protect families from exposure to lead from paint, dust, and soil. HUD and EPA require the disclosure of any known information on lead-based paint and lead-based paint hazards before the sale or lease of most housing built before 1978.

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. ... Therefore, if an individual resides in an older home and witnesses chipping or cracking of paint, they should immediately notify the recommended local authorities.

Section 1018 of this law directed HUD and EPA to require the disclosure of known information on lead-based paint and lead-based paint hazards before the sale or lease of most housing built before 1978.

Lead-Based Paint Disclosure Exemptions Dwelling units with no bedrooms, such as a studio apartment. Dwelling units that are leased for 100 days or fewer, such as short-term rentals. Housing specifically designated for the elderly, provided children do not also reside on the premises.

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.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232