SELLERS REQUIREMENT TO DISCLOSE LEAD-BASED PAINT AND HAZARDS

The requirement for lead-based paint disclosure only applies to residential dwellings which were built before 1978. It could also affect new homes started prior to 1978 and not completed until 1978. The effective dates for disclosure of lead-based paint and lead-based paint hazards are September 6, 1996, for owners of more than 4 dwelling units and December 6, 1996, for owners of 4 or fewer dwelling units.

Specifically, the new HUD/EPA rules state that:

1. Sellers must disclose any known lead-based paint and hazards in homes. They also are required to give buyers any reports that are available from tests that may have been performed before sale.

2. Sellers must give buyers a pamphlet about how to protect families from lead in homes.

3. Home buyers must receive an optional 10-day period to conduct a lead-based paint inspection or risk assessment at their own expense. The number of days can be changed by mutual consent of the buyer and seller.

4. Sales contracts must include provisions ensuring disclosure and notification or a seller can utilize the form developed by HUD and EPA.

5. Sellers and real estate licensees all share responsibility for ensuring compliance with the rule.

6. Housing not covered–Housing built after 1977, zero bedroom units, such as efficiencies, lofts and dormitories, leases for less than 100 days, such as vacation houses or short-term rentals, and housing for the elderly or handicapped (unless children live there.)