South Dakota Lead Based Paint Disclosure for Sales Transaction
What this document covers
The Lead-Based Paint Disclosure for Sales Transaction is a necessary legal document mandated by Federal Law for the sale of residential properties built before 1978. This form ensures that sellers inform buyers about potential lead-based paint hazards, which can pose serious health risks, especially to young children and pregnant women. It is crucial for compliance with regulations and helps protect both parties in a real estate transaction.
Main sections of this form
- Property information: Includes the address and identification of the residential property.
- Lead warning statement: Notifies buyers about the risks of lead exposure from paint, dust, and soil.
- Sellers disclosure: Seller must indicate knowledge of lead-based paint hazards and provide relevant documents.
- Purchaser's acknowledgment: Confirms the buyer has received the required information and pamphlets.
- Agents acknowledgment: Confirms that real estate agents fulfill their responsibilities under the law.
- Certification of accuracy: Parties certify the truthfulness of the provided information.
When to use this document
This form should be utilized when a seller is transferring ownership of a residential property constructed before 1978. It is essential during real estate transactions to disclose any known lead-based paint hazards to protect the health of the buyer and potential occupants. Additionally, it is recommended when a buyer wants to assess risks associated with lead exposure before completing the purchase.
Who this form is for
- Property sellers of residential homes built before 1978.
- Real estate agents involved in transactions of older properties.
- Buyers looking to purchase residential properties and ensure their health safety regarding lead exposure.
Completing this form step by step
- Enter the property address, including city, state, and zip code.
- Review and fill out the seller's disclosure regarding knowledge of lead-based paint hazards.
- Check the box if reports regarding lead-based paint hazards are available or state that none exist.
- Initial for each section to confirm understanding and receipt of information.
- Both the seller and buyer must sign and date the form to finalize the disclosure.
Does this form need to be notarized?
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
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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.
Typical mistakes to avoid
- Failing to provide the required EPA pamphlet about lead safety.
- Not accurately disclosing any known lead hazards from the property.
- Neglecting to obtain the buyer's signature on the form.
Advantages of online completion
- Convenient access: Instantly download and complete the form from the comfort of your home.
- Editability: Fill out the form at your own pace and make necessary adjustments easily.
- Legal reliability: Obtain a form drafted by licensed attorneys ensuring compliance with applicable laws.
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FAQ
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.
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.
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.
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
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 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.
