Illinois Lead Based Paint Disclosure for Sales Transaction
What this document covers
The Lead-Based Paint Disclosure for Sales Transaction is a legal document required by federal law when selling residential properties built before 1978. This form serves to inform potential buyers about the risks associated with lead-based paint, which can be hazardous, especially to young children and pregnant women. Unlike other real estate forms, this disclosure is specifically focused on lead hazards, ensuring that buyers are aware of any potential health risks before completing a sale.
Key components of this form
- Property Information: Includes the address and details of the residential property.
- Lead Warning Statement: Alerts buyers about the dangers of lead exposure from paint in homes built prior to 1978.
- Sellers Disclosure: Sellers must indicate whether lead-based paint hazards exist and provide any reports or assessments.
- Purchaser's Acknowledgment: Buyers confirm receipt of information and the opportunity to conduct inspections.
- Certification of Accuracy: Ensures all parties certify that provided information is truthful and complete.
Situations where this form applies
This form should be used during the sale of residential properties constructed before 1978. It is essential in scenarios where the seller is listing a home for sale and must comply with federal regulations regarding lead-based paint disclosures. If the property has known lead hazards or if the seller is uncertain about the condition of the paint, the form must be completed and provided to the buyer.
Who can use this document
- Home sellers of residential properties built before 1978.
- Real estate agents representing sellers in real estate transactions.
- Buyers of residential properties needing to understand lead-based paint risks.
- Landlords selling rented properties built prior to 1978.
How to prepare this document
- Identify the property: Enter the street address, city, state, and zip code of the residential property.
- Sellers Disclosure: Indicate the presence of lead-based paint and any known hazards while providing relevant information.
- Provide any existing records: List any documents related to lead-based paint hazards available to the seller.
- Buyers Acknowledgment: Have the buyer initial that they received all necessary information and the required pamphlet.
- Signatures: Ensure all parties, including the seller, buyer, and agents, sign and date the form to certify accuracy.
Notarization guidance
This form does not typically require notarization unless specified by local law. However, it is crucial to verify any state-specific requirements that may mandate notarization to enhance legal validity.
Avoid these common issues
- Failing to provide the EPA pamphlet to the buyer.
- Not fully disclosing known lead hazards.
- Overlooking signatures from all required parties.
- Using the form for properties built in 1978 or later.
Why complete this form online
- Convenience: Download and fill out the form from anywhere at any time.
- Editability: Easily enter specific details pertinent to your property and transaction.
- Reliability: Obtain a legally compliant form prepared by licensed attorneys.
Key takeaways
- The Lead-Based Paint Disclosure is required for residential sales involving properties built before 1978.
- Both sellers and buyers have obligations regarding lead hazard awareness and disclosures.
- Proper completion of this form helps ensure legal compliance and protects all parties involved.
Form popularity
FAQ
Provide a 10-day period to conduct a paint inspection or risk assessment for lead-based paint or lead-based paint hazards. Parties may mutually agree, in writing, to lengthen or shorten the time period for inspection.
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.
As long as the salesperson has informed the sellers or lessors of their obligations to disclose, the salesperson won't be held liable for the failure to disclose to a purchaser or lessee the presence of lead-based paint or lead-based paint hazards known by sellers or lessors but not disclosed to the salesperson, says
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.
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.
Illinois law requires you, as a home seller, to tell a prospective buyer, in writing, about any material defects you actually know about. This means anything you're aware of that affects the value, healthfulness, and safety of your property.