A seller is listing a home that was built in 1972. Which of the following correctly describes the federal lead-based paint disclosure requirements that apply to this transaction?
Correct Answer
B) The seller must provide an EPA-approved lead hazard information pamphlet and a written lead-based paint disclosure form, and must allow buyers a 10-day period to conduct a lead inspection
Under the federal Residential Lead-Based Paint Hazard Reduction Act (42 U.S.C. § 4852d) and the EPA/HUD implementing regulations (40 CFR Part 745), sellers of residential properties built before 1978 must: (1) provide buyers with the EPA-approved 'Protect Your Family from Lead in Your Home' pamphlet, (2) disclose any known lead-based paint or hazards via a written disclosure form, and (3) provide buyers with a 10-day opportunity to conduct a lead paint inspection or risk assessment. These requirements apply to all covered sales regardless of the buyer's household composition.
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Key Terms:
Related Concepts
HOA disclosure requires informing buyers about the existence, rules, fees, financial health, and restrictions of a homeowners association governing the property. This information helps buyers understand their obligations before purchase.
The Lead-Based Paint Disclosure is a federally mandated disclosure required for all residential properties built before 1978. Sellers and landlords must disclose known lead-based paint hazards and provide the EPA pamphlet "Protect Your Family From Lead in Your Home."
A material defect is a condition that significantly affects the value, desirability, or safety of a property and that would likely influence a reasonable buyer's decision to purchase or the price they would pay.
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