What is the FHA lead-based paint Disclosure?
What is the FHA lead-based paint Disclosure?
Lead Warning Statement Every Purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning.
In which situation would a lead-based paint disclosure not need to be made?
Correct Answer: Property sold at foreclosure. Foreclosure sales of residential property are exempt from the federal lead-based paint disclosure regulations, but a subsequent resale by the purchaser in a foreclosure sale is not exempt.
Which of these is required in a lead-based paint disclosure for homes built prior to 1978?
Lead Paint Disclosure Required The law requires anyone selling or leasing single- and multi-family housing units built before 1978 to disclose information about lead-based paint hazards to prospective buyers or tenants.
Who is required to disclose the use of lead-based paint to buyers of property before 1978?
Property Managers and Landlords Landlords must give prospective tenants of target housing, including most buildings built before 1978: An EPA-approved information pamphlet on identifying and controlling lead-based paint hazards, Protect Your Family From Lead In Your Home (PDF).
What year triggers the required lead-based paint Disclosure?
The regulations became effective on September 6, 1996 for transactions involving owners of more than 4 residential dwellings and on December 6, 1996 for transactions involving owners of 1 to 4 residential dwellings.
Do houses built in 1978 have lead paint?
If your home was built before 1978, it is more likely to have lead-based paint. In 1978, the federal government banned consumer uses of lead-based paint, but some states banned it even earlier. Lead paint is still present in millions of homes, sometimes under layers of newer paint.
Does FHA check for lead-based paint?
FHA borrowers in these situations must be given a 10-Day period “before becoming obligated to purchase the home to conduct a lead-based paint inspection or risk assessment to determine the presence of lead-based paint or lead-based paint hazards”. Borrowers also have the right to waive the opportunity to do this.
What does lead-based paint addendum mean?
A lead-based paint disclosure form is a form issued to all tenants and potential buyers for residential properties built before 1978 to outline the property’s history of exposure to lead-based paint.
When was lead-based paint banned in Texas?
1978
It is sometimes better to just assume that if your home was build prior to 1980 that is contains lead based paints (Even though lead-based paints were banned in 1978, it is certain that some builders and paint supplies continued to sell and use existing stocks beyond that date).