Nebraska Lead Based Paint Disclosure for Sales Transaction
Understanding this form
The Lead-Based Paint Disclosure for Sales Transaction is a legal form required by federal law when selling residential properties built before 1978. This form alerts buyers about potential lead-based paint hazards, which can be harmful, especially to young children and pregnant women. By using this form, both the seller and buyer fulfill their legal obligations regarding disclosure, making it distinct from other real estate transaction forms.
Form components explained
- Seller's disclosure regarding known lead-based paint and hazards.
- Records and reports related to lead-based paint provided by the seller.
- Buyer's acknowledgment of receiving lead hazard information and the EPA pamphlet.
- Opportunity for the buyer to conduct a risk assessment or inspection.
- Signatures of the seller, buyer, and agents to certify the accuracy of the information.
When to use this document
This form should be used when a residential property, built prior to 1978, is being sold or transferred. It is essential in situations where the seller is aware of lead-based paint hazards and must disclose this information to the buyer. Additionally, it serves as a protective measure for buyers, ensuring they acknowledge potential risks before completing the purchase.
Who can use this document
- Home sellers of properties constructed before 1978.
- Real estate agents representing sellers or buyers in transactions involving older residential properties.
- Buyers of residential properties built prior to 1978 who want to understand potential lead hazards.
How to prepare this document
- Identify the property by entering the street address, city, state, and zip code.
- Check the appropriate box to indicate whether the seller knows about lead-based paint hazards in the property.
- List any records or reports pertaining to lead-based paint that the seller possesses.
- Ensure the buyer acknowledges receipt of all information and the EPA pamphlet.
- Collect signatures from the seller, buyer, and agents involved in the transaction.
Is notarization required?
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
Common mistakes to avoid
- Failing to complete the form for homes built before 1978, which can lead to legal penalties.
- Not providing the EPA pamphlet to the buyer when required.
- Omitting key details in the seller's disclosure about known lead hazards.
- Forgetting to secure signatures from all parties involved in the transaction.
Benefits of completing this form online
- Immediate access to a legally vetted template created by licensed attorneys.
- Easy customization to fit specific property details and transaction needs.
- Downloadable format allows for quick printing and in-person signing.
- Unlimited access to updates or changes in federal or state laws related to lead-based paint disclosures.
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FAQ
Immediately clean up any paint chips you find. Keep play areas clean. Don't let children chew on painted surfaces. Clean dust off of window sills and other surfaces on a regular basis, using a sponge, mop, or paper towels with warm water.
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. The residential housing covered by the Disclosure Rule are those units built before 1978.
The seller of any interest in residential real property is required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspections in the seller's possession and notify the buyer of any known lead-based paint hazards.
Federal law requires you to provide certain important information about lead-based paint and/or lead-based paint hazards before a prospective buyer is obligated under a contract to purchase your home.Inform the seller of his or her obligations under the Real Estate Notification and Disclosure Rule.
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.The forms were written to warn any new owners or tenants of the potential existence of this within the interior walls of the residence.
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.
Correct Before the purchaser or lessee is obligated under a contract for sale or lease. Purchasers or lessees must receive the lead-based paint disclosures before they become obligated under a contract for sale or lease, which generally occurs when the contract or lease is signed. 5.
Section 1018 of this law directed the Department of Housing and Urban Development (HUD) and the Environmental Protection Agency (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.
