Let’s talk about what you need to know about Lead Based Paint, specifically what it means when you are buying and selling real estate. It is important that you know your rights as a Buyer and your legal obligations as a Seller.
Many homes built before 1978 have lead based paint. The federal government banned lead-based paint from housing in 1978. In general, the older your home the more likely it has lead based paint. Lead is a toxic metal that was used for many years in products found in and around homes. Lead can also enter drinking water from plumbing materials. It may cause a range of health effects, and children six years old and under are most at risk.
If you are involved in the sale of a home built prior to 1978 you are required to fill out a Lead Paint Disclosure form. Most Sellers tell me that they don’t know whether or not the house has lead based paint (they’ve never had it tested). You still have to fill out this form in order to sell the home. As a broker I am also required to sign the form too. All parties to the contract (all buyers and sellers) and also their brokers, must sign the form prior to an offer being submitted. If this form is not completed prior to an offer being presented, the contract to buy and and sell between the parties is null and void. Check out the following language from the Contract to Buy and Sell (between the Buyer and Seller).
Per the Lead Based Paint Disclosure form, the Buyer has the right to conduct a risk assessment for the presence of lead-based paint, or waive that opportunity. A test for lead based paint can be done by an individual or a specialized inspector.
It is my job to make sure all parties are moving forward legally on this important matter.
To get more information from the United States Environmental Protection Agency (EPA) on How to Protect Your Family From Lead in Your Home click here .