Under the federal lead-based paint rule, which item must the seller of covered pre-1978 housing give the buyer before the buyer becomes obligated under the contract?
Correct Answer
A) The EPA-approved lead hazard information pamphlet
Title X of the 1992 housing act (42 U.S.C. 4852d) requires the seller of most housing built before 1978 to do three things before the buyer is bound: deliver the EPA-approved lead hazard information pamphlet, disclose known lead-based paint and any related records or reports, and allow a 10-day opportunity for a risk assessment or inspection. It is a disclosure rule, not a testing rule, so nothing in it requires the seller to test, to certify the property lead-free, or to abate. The 10-day period can be shortened or given up by mutual agreement, but no waiver document has to be produced.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
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.
More Property Disclosures Questions
A seller who fails to provide required disclosures may be liable for:
HOA disclosure requirements typically include:
Potential buyers lose interest in a house because local media repeatedly called it haunted even though inspections reveal no physical problem. What issue is this?
A seller knows that a prior occupant died peacefully in the home several years ago, and there is no physical defect. Which special disclosure issue is presented?
The doctrine of 'caveat emptor' (buyer beware) has been largely replaced by:
- → In a state that requires a written disclosure of a home's condition to the buyer, the disclosure form is filled out by:
- → Under TRID, the Loan Estimate replaced which older disclosure form that was previously provided to borrowers early in the loan process?
- → The Closing Disclosure must be received by the borrower at least three business days before closing. If closing is scheduled for Friday and no federal holiday falls during that week, when is the latest the borrower can receive the Closing Disclosure?
- → The Closing Disclosure replaced which two older disclosure forms that were previously used in residential mortgage transactions?
- → Under TRID, all of the following are included on Page 1 of the Loan Estimate EXCEPT.
- → A borrower compares the Loan Estimate with the Closing Disclosure and sees that government recording fees rose from $350 to $400. Under the TRID tolerance rules, is that increase permitted?
- → A borrower receives a Loan Estimate and notices that the estimated title insurance fee is $1,200. At closing, the Closing Disclosure shows the title insurance fee is $1,400. The borrower was allowed to shop for title insurance from a list provided by the lender. Under TRID tolerance rules, is this increase permissible?
- → A lender's origination charge on the Loan Estimate is $2,000. At closing, the origination charge on the Closing Disclosure is $2,300. Under TRID, what must the lender do?
- → A borrower submits a mortgage loan application on Monday. Under TRID, by when must the lender provide the Loan Estimate?
- → The Closing Disclosure includes a section showing how much total interest the borrower will pay over the life of the loan. A borrower sees that for a $300,000 30-year fixed-rate loan at 6.5 percent, the total interest exceeds $382,000. What purpose does this disclosure serve?
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Parker James is selling a house built in 1972. Before the buyer becomes obligated under the contract, what federal disclosure rule generally applies to known lead-based paint and related records?
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A developer purchases an old gas station site to build condominiums. He performs reasonable due diligence, including a Phase I environmental review, and finds no obvious contamination. Two years later, underground fuel tanks beneath the site begin leaking into the groundwater, and federal regulators determine cleanup will cost $2 million. Even though the developer did not cause the contamination and had no actual knowledge of it at purchase, the federal liability scheme applicable to contaminated property may hold him strictly responsible for cleanup costs as a current owner. Which federal liability framework applies to the developer's situation?