New York Lead Based Paint Disclosure for Sales Transaction
Understanding this form
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 buyers about the potential presence of lead-based paint and associated hazards in older homes. It differs from other real estate forms by specifically addressing the implications of lead exposure, which can be dangerous, especially for children and pregnant women.
Key components of this form
- Property identification section: Includes street address and relevant details.
- Lead warning statement: Notifies buyers of potential lead exposure risks.
- Seller's disclosure: Confirms the presence or absence of lead-based paint.
- Buyer's acknowledgment: Confirms receipt of information and opportunity for inspection.
- Agent's acknowledgment: Ensures that agents are aware of their obligations regarding lead disclosure.
- Certification of accuracy: A section for all parties to confirm information accuracy and understanding of penalties for non-compliance.
Situations where this form applies
This form should be used during the sale of residential properties that were constructed prior to 1978. It is necessary whenever a transaction takes place, as it legally informs the buyer of any potential lead-based paint hazards and complies with federal regulations. Using this form helps protect both the seller and the buyer from possible health risks and legal issues.
Who this form is for
- Home sellers of residential properties built before 1978.
- Real estate agents representing sellers in transactions involving such homes.
- Homebuyers seeking to purchase older properties and needing to understand potential risks.
How to complete this form
- Enter the property address, including city, state, and zip code.
- Complete the seller's disclosure by indicating the presence or absence of lead-based paint.
- List any available records or reports related to lead-based paint hazards.
- Ensure the buyer acknowledges receipt of all information and the EPA pamphlet.
- Signature sections should be completed for the seller, buyer, and agents involved.
Notarization requirements for this form
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.
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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 complete the disclosure if the home was built before 1978.
- Not providing the required EPA pamphlet to the buyer.
- Leaving sections of the form incomplete or unsigned.
- Misrepresenting knowledge about lead-based paint hazards.
Why complete this form online
- Convenience of downloading and printing at your convenience.
- Editability to add specific property details easily.
- Reliability of using professionally drafted templates to ensure legal compliance.
Legal use & context
- This form satisfies federal law requirements under the Residential Lead-Based Paint Hazard Reduction Act.
- Non-compliance can result in penalties, including legal fees and damages.
- Providing accurate information is critical to uphold the legal enforceability of the transaction.
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FAQ
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.
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.
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.
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.
Section 1018 of this law directed the Department of Housing and Urban Development (HUD) and the Environmental Protection Agency (EPA) to require the disclosure of known information on lead-based paint and lead-based paint hazards before the sale or lease of most housing built before 1978.
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.
