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Lead Based Paint Disclosure Form
July 5, 2017 - By Rachel Deckman
If you are purchasing a home that is built prior to 1978, your agent will give you the Lead Based Paint Disclosure Form. It is important to review and understand the dangers Lead Based Paint may pose.
The Lead Based Paint disclosure form is required by law in the State of Arizona on purchasing properties that were built prior to 1978.
It states that the buyer, seller, and agent are all aware that the property may present exposure to lead based paint. All parties are required to sign this disclosure. If you are the buyer, your agent will be providing you with the Arizona Association of Realtors Buyer Advisory (Item 13, page 5) which has a link to the “Protect Your Family From Lead in Your Home”. Lead based paint has dangers, especially for young children. Such dangers include neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Pregnant women are also at risk when exposed to Lead Based Paint. The disclosure reveals the seller and buyer’s acknowledgement the presence of Lead Based Paint exposure on the property.
The first part of the disclosure is the Seller’s Disclosure. This is where the seller states that they either are aware of Lead Based Paint on the property or that no Lead Based Paint exposure exists. The seller will then provide documentation and reports of the Lead Based Paint if there is any. If no documentation exists, the seller will state that they do not have any reports. With this disclosure, the seller is stating that they are providing the buyer with all necessary information they have about Lead Based Paint on the property.
The second part of the disclosure is the Buyer’s Acknowledgement. This is where the buyer acknowledges what the seller has told them about any possible exposure on the property. They acknowledge that they have read the reports given by the seller and have read the pamphlet given by the agent. The buyer can then choose to receive a a 10-day opportunity (or mutually agreed upon period) to conduct a risk assessment or inspection of the Lead Based Paint. The buyer can also choose to waive such inspection.
The final part of the disclosure is the Agent’s Acknowledgement. This is where both buyer and seller’s agents must acknowledge that they have reviewed the information regarding Lead Based Paint with their clients. The agents must also acknowledge that the information provided by both parties are “true and accurate.”
It is so important to understand the risks and dangers of Lead Based Paint exposure in your home. By reading and discussing about Lead Based Paint Disclosure, you are sure to be well informed about the subject. If you have any questions about the disclosure or Lead Based Paint, contact your agent and they will be more than happy to assist you.