Maryland Lead Based Paint Disclosure for Sales Transaction
What is this form?
The Lead-Based Paint Disclosure for Sales Transaction is a legal document mandated by federal law for the sale of residential properties built before 1978. This form informs potential buyers about the risks associated with lead-based paint, which can cause serious health issues, particularly in children and pregnant women. Unlike other real estate forms, this disclosure specifically addresses lead safety and compliance issues, ensuring buyers are aware of any potential hazards related to lead-based paint exposure.
Main sections of this form
- Lead warning statement highlighting the risks of lead exposure from paint, dust, and soil.
- Sellers must disclose if lead-based paint hazards are known and provide records or reports if available.
- Buyers acknowledge receipt of information and have the option to conduct a risk assessment.
- The form includes signatures from sellers, buyers, and real estate agents to certify accuracy.
- Requires the seller to provide the EPA pamphlet on lead safety to the buyer.
When to use this form
This form is necessary when selling a home constructed prior to 1978. It should be used whenever there is a sale agreement to ensure that both parties are aware of any possible lead-based paint hazards. If there is uncertainty about the construction date, it is advisable to complete and use this disclosure form to avoid potential legal issues.
Intended users of this form
- Home sellers of residential properties built before 1978.
- Buyers looking to purchase residential properties in this category.
- Real estate agents facilitating the sale of these properties.
How to prepare this document
- Enter the property address, including the street, city, state, and ZIP code.
- Identify and check whether there is known lead-based paint or hazards present in the property.
- Specify if any reports or records related to lead hazards are available.
- Both the seller and buyer should initial to confirm receipt of all provided information.
- Ensure all parties, including agents, sign and date the document to affirm accuracy and compliance.
Does this document require notarization?
Notarization is not commonly needed for this form. However, certain documents or local rules may make it necessary. Our notarization service, powered by Notarize, allows you to finalize it securely online anytime, day or night.
Mistakes to watch out for
- Failing to complete the form if the property was built prior to 1978.
- Not providing the required EPA pamphlet to the buyer.
- Inaccuracies in disclosing known lead hazards or records.
- Skipping the buyer's acknowledgment section and initialing.
Why complete this form online
- Convenient access to the form allows for easy download and printing.
- Editability ensures that all information can be accurately entered before finalizing.
- Reliability in having up-to-date information that complies with legal standards.
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FAQ
based paint addendum should be used when the sale of the property involves homes built before 1978. This document serves as an appendix to your real estate agreement, detailing any leadbased paint risks. Utilizing this addendum properly ensures you comply with the Maryland Lead Based Paint Disclosure for Sales Transaction and reduces potential liabilities.
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.
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.
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.
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
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.
