Wisconsin Lead Based Paint Disclosure for Sales Transaction
What is this form?
The Lead-Based Paint Disclosure for Sales Transaction is a legal form required by federal law when selling residential properties built before 1978. This form is essential for both sellers and buyers to disclose any known presence of lead-based paint hazards, which can pose health risks, especially to young children and pregnant women. It is important to note that if the property was constructed in 1978 or later, this disclosure is not necessary. This form ensures compliance with federal regulations and protects the health of future occupants.
What’s included in this form
- Property details: Includes the street address, city, state, and zip code of the property being sold.
- Lead warning statement: Alerts buyers to the potential dangers of lead-based paint exposure.
- Seller disclosure: Requires sellers to disclose any known lead hazards and provide available records or reports.
- Purchaser acknowledgment: Confirms receipt of information and opportunity for inspection by the buyer.
- Agent acknowledgment: Verifies that real estate agents have informed the seller of their obligations regarding lead-based paint.
- Certification: A section for all parties to certify the accuracy of the provided information.
Situations where this form applies
This form is necessary during the sale of any residential property built before 1978. It should be used whenever a seller is negotiating a sale to ensure that buyers are informed about potential lead hazards. Additionally, if there is any doubt about the construction date of the property, it is safer to complete this form to avoid legal complications later.
Who needs this form
- Home sellers of residential properties built prior to 1978.
- Buyers interested in purchasing such properties.
- Real estate agents involved in transactions of homes that may have lead-based paint hazards.
How to complete this form
- Provide the property details, including the full address.
- Read and check the appropriate options regarding the presence of lead-based paint.
- List any available records or reports related to lead hazards.
- Have the buyer acknowledge receipt of information and the EPA pamphlet.
- Ensure all parties involved initial and sign where indicated to certify the accuracy of the disclosures.
Does this form need to be notarized?
This form does not typically require notarization to be legally valid. However, some jurisdictions or document types may still require it. US Legal Forms provides secure online notarization powered by Notarize, available 24/7 for added convenience.
Avoid these common issues
- Failing to provide the EPA pamphlet to the buyer.
- Not completing the form if the property's construction date is uncertain.
- Omitting required signatures or initials, which invalidates the disclosure.
- Not disclosing known lead-based paint hazards when applicable.
- Using the form for properties built after 1978, where it is not required.
Advantages of online completion
- Convenience of downloading and completing the form from anywhere.
- Access to reliable templates drafted by licensed attorneys.
- Ability to easily edit and customize the form to fit specific needs.
Form popularity
FAQ
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 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.
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.
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.
Recordkeeping. Sellers and lessors must retain a copy of the disclosures for no less than three years from the date of sale or the date the leasing period begins.
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.
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.
