New Jersey Lead Based Paint Disclosure for Sales Transaction
Description
Key Concepts & Definitions
Lead-based Paint Disclosure for Sales Transaction: This is a required statement that sellers and lessors of housing built before 1978 must provide to potential homebuyers and renters. The disclosure must identify any known information on the presence of lead-based paint and lead-based paint hazards in the property.
Lead-based Paint: Paint containing lead, generally used in homes prior to 1978, known for its durability but hazardous to health if ingested or if dust is inhaled.
Step-by-Step Guide for Compliance
- Identify the age of the property: Determine if your property was built before 1978 to establish the necessity for disclosure.
- Perform an inspection: Hire a certified inspector to check for the presence of lead-based paint and associated hazards.
- Prepare the disclosure form: Complete the EPA-approved disclosure form, detailing the results of the inspection and any known information about lead-based paint in the property.
- Provide the disclosure: Give homebuyers and renters the information before firming up a sales contract or lease.
- Keep records: Maintain documentation of the disclosure for at least three years, as required by law.
Risk Analysis
Failure to disclose known lead-based paint hazards can result in significant legal consequences, including fines and litigation. For homebuyers and renters, exposure to lead paint can cause a range of health issues, particularly in young children, such as developmental delays and neurological damage.
Key Takeaways
- It is mandatory for sellers, lessors and real estate agents to disclose lead-based paint presence in properties built before 1978.
- Providing accurate disclosure information protects both parties and ensures compliance with federal regulations.
- Hiring a certified inspector can aid in accurately assessing the presence of lead-based paint.
Common Mistakes & How to Avoid Them
- Neglecting the disclosure: Always ensure the disclosure is not only completed but also provided to the potential homebuyer or renter before the transaction is sealed.
- Withholding information: If any lead-based paint is known, or any hazards are identified, full disclosure is necessary to avoid legal consequences.
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FAQ
Although there's no list of required disclosures a seller must make according to New Jersey's statutes, the state's courts have carved out rules (under what's called the "common law") to protect buyers against sellers who fail to disclose material facts or who hide information about their property.
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.
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.
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.
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.
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.
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.