What is a lead-based paint disclosure?
A lead-based paint disclosure is a federal requirement for homes built before 1978. The seller must disclose any known lead-based paint or hazards, the buyer must receive the EPA’s lead pamphlet, and both sign an acknowledgment before the buyer is bound by the contract.
Buyers also get an opportunity to test for lead-based paint, by default ten days unless the parties agree otherwise. The signed disclosure is attached to the purchase agreement.
It applies to most sales of older homes, including wholesale purchases. Use the official form and keep the signed copy with the deal.
Common mistakes
- Forgetting the disclosure because the deal is a wholesale purchase.
- Getting it signed after the buyer is already bound by the contract.
- Not giving the buyer the EPA pamphlet.
More questions
Does the lead paint disclosure apply to wholesale deals?
Yes. It applies to most sales of housing built before 1978, including wholesale purchases, with limited exemptions.
Is a lead paint inspection required?
No, but the buyer must be offered the opportunity to test, usually 10 days, unless they waive it in writing.
How long do I keep the signed disclosure?
Under the federal rule, sellers and agents keep the signed disclosure for at least three years after the sale. Keep a copy with the deal.