Tennessee Lead Based Paint Disclosure for Sales Transaction
Overview of this form
The Lead Based Paint Disclosure for Sales Transaction is a legally required document for selling residential properties built before 1978. This form informs buyers about potential lead hazards in older homes, made necessary by federal law. Its primary purpose is to ensure that sellers disclose any known lead-based paint issues and provide important safety information to buyers, specifically those with young children or pregnant women in mind.
Form components explained
- Property information including the address details.
- Lead warning statement emphasizing the dangers of lead exposure.
- Seller disclosure sections regarding knowledge of lead-based paint hazards.
- Purchaser acknowledgment confirming receipt of necessary documents.
- Space for agent acknowledgments verifying compliance with disclosure laws.
State-specific compliance details
This form is applicable across multiple states, ensuring compliance with federal regulations regarding lead disclosure. Sellers must provide this form regardless of specific state laws unless confirmed otherwise.
Common use cases
This form is needed when selling any residential housing that was built prior to 1978. It is essential to complete this disclosure in order to provide buyers with crucial information about lead-based paint risks. Using this form helps to protect buyers, especially families with young children, from potential lead exposure, which can have serious health implications.
Intended users of this form
This form is intended for:
- Home sellers of residential properties built before 1978.
- Real estate agents facilitating sales of older homes.
- Buyers purchasing homes in which lead hazards may be present.
Completing this form step by step
- Identify the parties involved: seller, buyer, and agents.
- Fill in the property details, including the complete address.
- Indicate whether lead-based paint hazards are known or unknown.
- Provide any existing reports regarding lead paint hazards to the buyer.
- Ensure all parties initial and sign the document to confirm understanding and agreement.
Does this document require notarization?
In most cases, this form does not require notarization. However, some jurisdictions or signing circumstances might. US Legal Forms offers online notarization powered by Notarize, accessible 24/7 for a quick, remote process.
Common mistakes to avoid
- Failing to complete the form if the property was built before 1978.
- Not providing the required EPA pamphlet to the buyer.
- Overlooking seller initials or buyer initials in the acknowledgment section.
Why complete this form online
- Convenient access to legally compliant templates from licensed attorneys.
- Easy customization to fit individual transaction details.
- Immediate download and printing options available for quick use.
Form popularity
FAQ
What does Tennessee law say about disclosure? The Residential Property Disclosure Act in Tennessee Code Annotated § 66-5-201 to 210 requires most sellers of residential real estate to complete a disclosure statement. The disclosure statement lets the buyers know about the condition of the property.
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.
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.
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.
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 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.
