If you are selling a home or renting a property, then it is essential to understand disclosure laws. These laws require that you tell buyers about certain things about the property. Most often these are things that could impact their health, which is why you must disclose them. One such disclosure requirement is for lead-based paint.
The U.S. Environmental Protection Agency explains this is a federal rule requiring you to tell buyers or about the potential for lead-based paint in the residence. If you fail to make this disclosure, a buyer or could back out of any agreement with you.
The details
Buildings constructed prior to 1978 often contain lead-based paint. At that time, the paint used for interiors still legally could contain lead because the hazards of the substance were not well known.
Because of this, the requirement is that you must inform buyers that your building constructed before 1978 may contain lead-based paint. You must provide them with any information you have about the paint in the building, including any reports you have. You also must include a disclosure as part of the lease or agreement that clearly shows you have informed them about the potential of lead-based paint. Finally, you have to give them a pamphlet on the hazards of this paint and how to protect their family from it, which is available from the EPA.
Special rule for sellers
A special provision, if you are selling your home, is that you must give the buyers a 10-day period to do an inspection for lead-based paint.
