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Mandated DisclosuresLead Paint DisclosureMEDIUM

Under federal lead-based paint disclosure rules, what right is a buyer given regarding a lead inspection before purchasing a pre-1978 home?

Correct Answer

B) A 10-day inspection period that the buyer may waive in writing

Federal law (EPA/HUD regulations under 42 U.S.C. § 4852d) gives buyers of pre-1978 residential properties a 10-day period to conduct a lead-based paint inspection or risk assessment at their own expense. This period must be offered but can be waived by the buyer in writing. This rule applies in North Dakota as a federal requirement.

Answer Options
A
A mandatory inspection period that cannot be waived
B
A 10-day inspection period that the buyer may waive in writing
C
An inspection right that applies to commercial properties only
D
A seller-funded inspection that must be completed before listing

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Related Topics & Key Terms

Related Topics:

lead-paint disclosurewaivable inspection rightsEPA pamphletTitle Xbuyer vs. seller obligations

Key Terms:

10 daysleadwaivablebuyer expenseresidentialpre-1978EPA pamphlet

Related Concepts

Radon disclosure involves informing buyers about the presence or potential presence of radon gas in a property. Radon is a naturally occurring radioactive gas that can accumulate in buildings and is the second leading cause of lung cancer.

Fair housing laws apply to a broad range of activities related to housing, including sale, rental, financing, and advertising.

A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.

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