LEAD-BASED PAINT HAZARD
NOTICE AND AGREEMENT
LEAD BASED PAINT HAZARDS.
(Title X, Section 10108, the Residential Lead-Based Paint Hazard
Reduction Act of 1992) (the Act), required the disclosure of certain
information regarding lead-based paint and lead-based paint hazards in
connection with the sale of residential real property. Unless otherwise exempt, the Act applies only
to housing constructed prior to 1978. A
seller of pre-1978 housing is required to disclose to the buyer(s), based upon
the seller’s
actual knowledge, all known lead-based paint hazards in the Property and
provide the buyer(s) with any available reports in the seller’s possession relating to lead-based
paint or lead-based paint hazards applicable to the Property. The seller, however, is not required to
conduct or pay for any lead-based paint risk assessment or inspection. At the time that the offer to purchase is
entered into by the buyer(s), the seller is required to provide the buyer(s)
with the EPA pamphlet entitled “Protect
Your Family From Lead In Your Home” and a “Disclosure of Information on
Lead-Based Paint and Lead-Based Paint Hazards” form.
The seller is required under the Act to provide the buyer(s)
with a ten (10) day time period (or other mutually agreeable time period) for
the buyer(s), at buyer(s) expense, to conduct a risk assessment or inspection
for the presence of lead-based paint and/or lead-based paint hazards unless the
buyer(s) waives such assessment or inspection by indication such waiver on the
Lead-Based Paint Disclosure form. Seller
and any agent involved in the transaction are required to retain a copy of the
completed Lead-Based Paint Disclosure form for a period of three (3) years
following the date of settlement.
The Act is effective September 6, 1996, for a seller who
owns more than four (4) dwelling units, whether single-family or multi-family,
and December 6, 1996, for a seller who owns four (4) or fewer dwelling units.
A SELLER WHO FAILS TO GIVE THE REQUIRED LEAD-BASED PAINT
DISCLOSURE FORM AND EPA PAMPHLET MAY BE LIABLE UNDER THE ACT FOR THREE TIMES
THE AMOUNT OF DAMAGES AND MAY BE SUBJECT TO BOTH CIVIL AND CRIMINAL PENALTIES.
SELLER REPRESENTS AND WARRANTS TO BUYER, BROKER(S),
BROKER(S)’
AGENTS AND SUBAGENTS, INTENDING THAT THEY RELY UPON SUCH WARRANTY AND
REPRESENTATION, THAT THE PROPERTY(seller to initial applicable line):
______ was
constructed prior to January 1, 1978;
or
______ was constructed after January 1, 1978;
or
______ uncertain
as to age of the property.
SELLER ACKNOWLEDGES RECEIPT OF THE BROCHURE “EPA & HUD REAL ESTATE NOTIFICATION
AND DISCLOSURE RULE QUESTIONS AND ANSWERS”:
If the property was constructed prior to January 1, 1978 or
if the date of the construction is uncertain, as indicated by Seller’s initial above,
_ Seller
and Buyer mutually agree that the requirements of the Act shall apply to the
sale of the Property.
_ Seller
and Buyer acknowledge that the real estate brokers and salespersons involved in
the sale of the Property have no duty to ascertain or verify the date of
construction and assume no such duty or responsibility.
_ Seller
and Buyer agree and represent and warrant, each unto the other, that no binding
and enforceable contract shall be deemed to exist or to have been formed unless
all the requirements of the ACT were fully satisfied and compiled with prior to
the execution of the Contract by Seller and Buyer.
_ Seller
and Buyer represent and warrant that each intended, as a material term of the
offer and acceptance, that the requirements of the Act be fully complied with
as an express condition of the formation of a binding and enforceable contract
by and between the parties.
Buyer and
Seller acknowledge by their signatures below that they have read and understand
the provisions of this agreement.
_____________________________ ____________________________
Seller Date Buyer Date
_____________________________ ____________________________
Seller Date Buyer Date