North Carolina Lead Based Paint Disclosure for Sales Transaction
What this document covers
The Lead Based Paint Disclosure for Sales Transaction is a critical legal document mandated by Federal Law for the sale of residential properties built prior to 1978. Its primary purpose is to inform potential buyers about the risks associated with lead-based paint, which can pose health hazards, especially to young children and pregnant women. This form distinguishes itself from other real estate documents by specifically addressing lead-based paint hazards and requiring both seller and buyer acknowledgment of this information.
Main sections of this form
- Lead Warning Statement: Alerts purchasers about potential lead exposure from paint and other sources.
- Seller's Disclosure: Requires the seller to disclose known lead hazards or to confirm that they have no knowledge of such hazards.
- Records and Reports: Sellers must indicate if they have provided purchasers with any available records related to lead hazards.
- Purchaser's Acknowledgment: Confirms that buyers have received pertinent information and have had the opportunity for an inspection.
- Agent's Acknowledgment: Ensures that real estate agents inform sellers of their legal obligations concerning lead-based paint.
State-specific requirements
This form is compliant with federal requirements regarding lead disclosures. Individual states may have additional regulations; sellers should check local laws to ensure full compliance.
Common use cases
This form should be used when selling any residential property that was constructed before 1978. It is essential whenever a transaction takes place involving such properties to ensure compliance with federal regulations regarding lead disclosure. Sellers must complete this form to inform buyers about any known lead hazards associated with the property, protecting both parties in the transaction.
Who can use this document
- Home sellers of properties built before 1978.
- Real estate agents involved in transactions of older residential properties.
- Home buyers considering the purchase of such properties.
- Investors purchasing residential real estate constructed prior to 1978.
How to complete this form
- Identify the property by entering the complete address, including city and zip code.
- Select whether known lead-based paint hazards are present in the property or confirm there is no knowledge of such hazards.
- List any available records or reports about lead hazards that the seller has provided.
- Ensure that both the seller and buyer initial to acknowledge receipt of the lead information and the EPA pamphlet.
- Complete the certification section by signing and dating the form.
Is notarization required?
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.
Typical mistakes to avoid
- Failing to complete all sections of the form, which can lead to legal issues.
- Not providing the EPA pamphlet on lead hazards to the buyer.
- Neglecting to check if the property was built before 1978, which determines if the form is required.
- Inaccurately stating knowledge of lead hazards when unsure.
Benefits of completing this form online
- Convenient access and instant download of the form from anywhere.
- Editable format allows sellers to personalize the disclosure for their specific property.
- Ensures compliance with federal and state regulations efficiently.
- Reduces the risk of errors through an easy-to-follow template.
Form popularity
FAQ
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.
If you plan to sell your home, it's legally required that you disclose your knowledge of the existence of lead paint. Lead paint sales and applications were banned in the United States in 1978. However, homes that are older than this may still have lead present.
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.
Disclose any known information concerning lead-based paint or lead-based paint hazards.Include an attachment/addendum to the lease (or language inserted in the lease itself) which includes a Lead Warning Statement and confirms that the seller or landlord has complied with all notification requirements.
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 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.
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.
