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This document serves as a disclosure to buyers regarding potential lead-based paint hazards in residential properties built before 1978, providing necessary warnings and legal obligations.
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How to fill out lead-based paint disclosure sales
How to fill out Lead-Based Paint Disclosure (Sales)
01
Obtain the Lead-Based Paint Disclosure form from your local real estate board or agency.
02
Fill out the property address at the top of the form.
03
Indicate whether the property was built before 1978, as this is a key determinant for the disclosure requirement.
04
Provide information on any known lead-based paint or lead-based paint hazards in the property.
05
Complete the section regarding the presence of any reports or records related to lead-based paint.
06
Have both the seller and buyer sign and date the disclosure form to acknowledge receipt.
07
Provide a copy of the signed disclosure to both parties.
Who needs Lead-Based Paint Disclosure (Sales)?
01
Sellers of residential properties built before 1978.
02
Real estate agents or brokers involved in the sale of such properties.
03
Buyers purchasing homes that may contain lead-based paint hazards.
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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 legal document that informs potential buyers about the presence of lead-based paint in residential properties built before 1978, as lead can pose serious health risks, especially to children.
Who is required to file Lead-Based Paint Disclosure (Sales)?
Sellers of residential properties built before 1978 are required to file the Lead-Based Paint Disclosure (Sales) to inform potential buyers about any known lead-based paint hazards.
How to fill out Lead-Based Paint Disclosure (Sales)?
To fill out the Lead-Based Paint Disclosure (Sales), the seller must provide details about the presence of lead-based paint, any lead hazards, and any reports or records related to lead-based paint and any renovations. The buyer must then acknowledge receipt of this information.
What is the purpose of Lead-Based Paint Disclosure (Sales)?
The purpose of the Lead-Based Paint Disclosure (Sales) is to protect buyers from potential health risks associated with lead-based paint exposure, ensuring they are informed of any dangers before making a purchase.
What information must be reported on Lead-Based Paint Disclosure (Sales)?
The Lead-Based Paint Disclosure (Sales) must report information including the presence of lead-based paint or lead hazards, any known lead-related risks, and any records or reports regarding lead-based paint that may be available.
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