Addendum For Seller's Disclosure Of Information On Lead Based Paint
When buying a home, it is important to be aware of potential health hazards in the property. One such hazard is lead-based paint. Lead-based paint was commonly used in homes built before 1978, and can pose a serious health risk, especially to young children and pregnant women. To protect homebuyers, the federal government has mandated that sellers of pre-1978 homes disclose any known lead-based paint hazards to potential buyers. This article will discuss the addendum for seller's disclosure of information on lead-based paint.
What is an Addendum for Seller's Disclosure of Information on Lead-Based Paint?
An addendum for seller's disclosure of information on lead-based paint is a document that is attached to the standard seller's disclosure form. This addendum requires the seller to provide additional information about the presence of lead-based paint in the home. It also requires the seller to disclose any testing or abatement that has been done on the property.
The addendum is required by the federal government under the Residential Lead-Based Paint Hazard Reduction Act of 1992. This law requires that sellers of pre-1978 homes provide buyers with a lead-based paint disclosure form and an addendum if any lead-based paint hazards are known.
What Information is Included in the Addendum?
The addendum for seller's disclosure of information on lead-based paint requires the seller to provide the following information:
- The location of any known lead-based paint hazards in the home
- The condition of any known lead-based paint hazards in the home
- The actions that have been taken to address any known lead-based paint hazards in the home
- The dates of any testing or abatement that has been done on the property
- The name and contact information of any contractors who have performed testing or abatement on the property
The addendum also requires the seller to provide a copy of any reports or documentation related to testing or abatement. This information must be provided to the buyer before the sale of the property is finalized.
What Happens if the Seller Fails to Provide the Addendum?
If the seller fails to provide the addendum for seller's disclosure of information on lead-based paint, they may be subject to penalties and fines. The buyer may also have the right to rescind the sale of the property or take legal action against the seller.
Conclusion
When buying a home, it is important to be aware of any potential health hazards in the property. Lead-based paint is a serious health risk, especially to young children and pregnant women. To protect homebuyers, the federal government has mandated that sellers of pre-1978 homes disclose any known lead-based paint hazards to potential buyers. The addendum for seller's disclosure of information on lead-based paint provides additional information about the presence of lead-based paint in the home, and requires the seller to disclose any testing or abatement that has been done on the property. If you are buying a pre-1978 home, make sure to ask for the lead-based paint disclosure form and the addendum for seller's disclosure of information on lead-based paint.