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This document serves to inform buyers of potential lead-based paint hazards in residential properties built prior to 1978 and outlines the seller's obligations and the buyer's rights regarding lead

How to fill out lead-based paint disclosure sales

How to fill out Lead-Based Paint Disclosure (Sales)

1. Obtain the Lead-Based Paint Disclosure form, which is required for properties built before 1978.
2. Fill out the seller's information at the top of the form, including name and address.
3. Complete the property information section with details about the property being sold.
4. Disclose any known lead-based paint hazards, including details of any lead paint risks or previous lead inspections.
5. Provide a list of any lead-based paint records or reports related to the property, if available.
6. Ensure both the seller and the buyer sign and date the form to acknowledge receipt and understanding of the disclosures.

Who needs Lead-Based Paint Disclosure (Sales)?

1. All residential property sellers who are selling homes built before 1978 are required to provide a Lead-Based Paint Disclosure.
2. Real estate agents representing buyers or sellers must ensure the disclosure is properly filled out and provided.
3. Buyers of residential properties built before 1978 need the disclosure to be informed about potential lead-based paint hazards.

People Also Ask about

What is the seller's disclosure of lead-based paint?

The Lead-based Paint Disclosure Rule requires sellers, landlords, real estate agents and property managers to provide specific information about known lead-based paint and lead-based paint hazards before prospective renters and homebuyers sign a lease or contract.

When must the lead-based paint disclosure occur?

As a result, buyers and renters of most housing built before 1978 must receive the “Protect Your Family from Lead in Your Home” pamphlet and known information on lead-based paint and lead-based paint hazards before buying or renting the housing. Lead can affect almost every organ and system in the human body.

Does Freddie Mac require a lead-based paint disclosure?

There are some exceptions, but a good practice is to always get the Addendum completed and signed if the property was constructed before January 1, 1978. The Addendum is not required for: Homes built during or after 1978. Dwellings that don't have separate bedrooms (i.e., lofts and efficiency apartments)

What are the requirements for Freddie Mac?

Freddie Mac outlines several eligibility criteria for borrowers including: A credit score of 660 or higher. A debt-to-income rate of 43% or lower. A down payment of 3%

Is lead-based paint disclosure required on conventional loan?

Certain types of housing, such as those for the elderly, lofts, and short-term rentals, can indeed be exempt from Lead-Based Paint disclosure requirements.

Who fills out the lead-based paint disclosure?

Before considering a deed-in-lieu of foreclosure on a tenant-occupied property built before 1978, if the Servicer is aware of, or becomes aware of, any outstanding lead-based paint or health code citations or violations against the property or property owner, it must notify Freddie Mac (see Directory 5), and include a

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What is Lead-Based Paint Disclosure (Sales)?

Lead-Based Paint Disclosure (Sales) is a requirement for sellers of residential properties built before 1978 to inform potential buyers about the presence of lead-based paint hazards in the property.

Who is required to file Lead-Based Paint Disclosure (Sales)?

Sellers of homes constructed before 1978 are required to file the Lead-Based Paint Disclosure (Sales) to ensure buyers are aware of any potential lead-based paint issues.

How to fill out Lead-Based Paint Disclosure (Sales)?

To fill out the Lead-Based Paint Disclosure, sellers must complete the form by providing information about any known lead-based paint and lead-based paint hazards in the property, and indicating whether they have an inspection report. Both the seller and the buyer must sign the disclosure.

What is the purpose of Lead-Based Paint Disclosure (Sales)?

The purpose of the Lead-Based Paint Disclosure is to protect buyers from lead poisoning by ensuring they are informed about the risks associated with lead-based paint and related hazards in older homes.

What information must be reported on Lead-Based Paint Disclosure (Sales)?

The Lead-Based Paint Disclosure must report the presence of lead-based paint or lead-based paint hazards, any reports or assessments regarding lead-based paint, and the seller's acknowledgment of their responsibilities regarding lead disclosures.