Signing A Disclosure Statement

• Category: Real Estate - Home Sale
• State: Washington
• Control #: WA-LEAD1
• Format: Word; Rich Text

Description

The Lead-Based Paint Disclosure form is crucial for transactions involving residential properties built before 1978, ensuring compliance with federal regulations regarding lead paint hazards. Signing a disclosure statement like this informs potential buyers about the risks associated with lead exposure and requires sellers to disclose any known lead-based paint or hazards. Key features of the form include sections for seller disclosure, purchaser acknowledgment, and agent acknowledgment, each requiring specific checks and initialing from concerned parties to ensure clarity and compliance. Users are guided to complete the sections accurately, providing detailed explanations if lead hazards are present. The form also encourages the completion of a risk assessment or inspection, giving buyers the option to waive this opportunity. This document is especially useful for attorneys, partners, owners, associates, paralegals, and legal assistants who participate in real estate transactions, ensuring their clients understand the legal implications of lead exposure and can navigate the due diligence process efficiently. The accompanying instructional page highlights the need for sellers to provide educational materials from the EPA, enhancing buyer awareness and safety. Overall, the form assists in protecting buyers, particularly families with young children or pregnant women, from the health risks associated with lead exposure.