Indiana Lead Based Paint Disclosure for Sales Transaction
About this form
The Lead-Based Paint Disclosure for Sales Transaction is a legally required document for sellers of residential properties built prior to 1978. This form ensures that buyers are informed about potential lead-based paint hazards, which can pose significant health risks, especially to young children and pregnant women. Unlike similar disclosure forms, this one specifically addresses federal regulations regarding lead exposure in older homes.
What’s included in this form
- Property details including address and date of construction.
- Warning about the dangers of lead from paint, dust, and soil.
- Seller's disclosure of any known lead-based paint hazards.
- Buyer's acknowledgment of receiving important information and the EPA pamphlet.
- Agent's acknowledgment of their responsibilities under federal law.
- Certification of accuracy from all parties involved.
When this form is needed
This form is necessary when a seller plans to sell a residential property built before 1978. It is used to disclose any known lead-based paint hazards or to inform potential buyers that an inspection is recommended, thereby minimizing health risks associated with lead exposure.
Who this form is for
- Residential property owners selling homes constructed prior to 1978.
- Real estate agents assisting clients in transactions involving older homes.
- Buyers of residential properties built before 1978 seeking to understand potential health hazards.
Steps to complete this form
- Identify the property by entering the address and details of construction.
- Specify if lead-based paint is known to be present or if there is no knowledge of hazards.
- Provide records or reports regarding lead-based paint if available.
- Ensure that the buyer acknowledges receipt of all information and the EPA pamphlet.
- All parties, including agents, must initial and date the certification of accuracy.
Notarization requirements for this form
Notarization is generally not required for this form. However, certain states or situations might demand it. You can complete notarization online through US Legal Forms, powered by Notarize, using a verified video call available anytime.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes
- Failing to disclose known lead-based paint hazards.
- Not providing the required EPA pamphlet to the buyer.
- Missing signatures or initials from relevant parties.
Why complete this form online
- Convenient and quick access to the form for immediate download.
- Editability allows users to fill in the specific details of their transaction easily.
- Reliability, as the form is drafted by licensed attorneys to meet legal standards.
Legal use & context
- This form complies with federal regulations under the Lead-Based Paint Disclosure Law.
- Failure to use this disclosure may result in legal penalties, including fines.
- It is advisable to conduct a risk assessment or inspection for lead-based paint before completing the sale.
Key takeaways
- Lead-Based Paint Disclosure is essential for homes built before 1978.
- Protects both the seller and buyer by ensuring awareness of potential hazards.
- Must be completed accurately to avoid legal repercussions.
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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.
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 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.
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.
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.
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.
