Lead-Based Paint Disclosure
The known presence of lead-based paint must be disclosed for all houses,
especially those built prior to 1978. The paint that was used in houses
built in 1978 or before often contained lead, a substance known to pose
certain health risks that result from lead poisoning. The Environmental
Protection Agency, or EPA, has issued the following statement pertaining
to lead- based paint.
Even’ purchaser of any interest in residential real property on which
a residential dwelling was built prior to 1978 is notified that such
property might present exposure to lead from lead-based paint that may
place young children at risk of developing lead poisoning. Lead poisoning
in young children may produce permanent neurological damage, including
learning disabilities, reduced intelligence quotient, behavioral problems,
and impaired memory. Lead poisoning also poses a particular risk to pregnant
women. The seller of any interest in residential real property is required
to provide the buyer with any information on lead- based paint hazards.
A risk assessment or inspection for possible lead-based paint hazards
is recommended prior to purchase.
If your house was built prior to 1978 and you have no knowledge of lead-based
paint having been used, there is a place on the form for that. By checking
this box, you are not stating that lead-based paint wasn’t used, but rather
that you have no knowledge of lead-based paint being used. By the same
token, if you are aware of and do have knowledge of lead-based paint being
used at one time or another, federal law requires that you disclose this
fact.
Third-Party Financing Addendum
The Third-Party Financing Condition Addendum requires that “a buyer
shall apply promptly for all financing described and make every reasonable
effort to obtain financing approval.” The addendum provides a greater
level of detail for buyers seeking such third party financing as a bank
loan or mortgage than does the sales contract. The addendum furthermore
has provisions for buyers seeking a conventional loan, veteran’s housing
assistance, FHA financing, or a VA guaranteed loan. Finally, the form
sets forth the terms and conditions required by the buyer to meet his
or her financing needs should a third party loan be desired. While this
form may or may not be required to sell your house, you should nevertheless
be familiar with it in the event additional detail is required for financing
provisions.
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