The Five Basic Requirements of the Lead-Based Paint Disclosure Regulations that Sellers and Lessors must:

1. Disclose the presence of known lead-based paint and/or lead-based paint hazards in residential dwellings built before 1978.

2. Provide purchasers and lessees with copies of any available records or reports pertaining to the presence of lead-based paint and/or lead-based paint hazards.

3. Provide purchaser and lessees with a federally approved lead-base paint hazard information pamphlet.

4. Provide purchaser with a period of up to 10 days (or mutually agreed period), prior to becoming obligated under the purchase contract, during which time the purchaser may conduct a risk assessment or inspection for the presence of lead-based paint and/or lead-based paint hazards. The purchaser may agree to waive this testing opportunity.

5. Sales and lease contracts must include certain specified disclosure and acknowledgment language.

THE ROLE AND RESPONSIBILITY OF THE REAL ESTATE AGENT IS:

1. to ensure that the seller or lessor satisfies the disclosure obligations when a seller or lessor uses the services of the real estate agent in marketing the property;

2. to advise the seller or lessor of his obligation to make the required lead-based paint disclosures and to ensure that the seller or lessor satisfies his obligations when the real estate agent has the listing.

3. to ensure that the seller or lessor satisfies his obligations under the law when the real estate agent is involved in the transaction as a cooperating agent;

4. to provide the purchaser and lessee with a federally approved lead-base paint hazard information pamphlet.

The Act: Section 1018 of the Residential Lead-Based Paint Hazard Reduction Act of 1992 (Title X of the Housing and Community Development Act of 1992) requires sellers, landlords and real estate agents to warn homebuyers and tenants of lead-based paint and lead-based paint hazards in pre-1978 housing.

Exemptions: The regulations apply to all transactions to sell or lease pre-1978 housing, except the following:

Housing constructed on or after 1978 (when lead-based paint was banned for residential use;

Housing for the elderly or persons with disabilities, unless a child under 6 resides or is expected to reside in the housing;

Dwellings without bedrooms, i.e., efficiencies and military barracks;

Foreclosure sales;

Short-term leases of 100 days or less;

Renewal of leases where all information has been disclosed previously and where lessor has acquired no new information ("renewal" is defined under the regulations to "include both renegotiations of existing lease terms and/or ratification of a new lease");

Leases of housing which has been inspected and found to be free of lead-based paint by a certified inspector.

INFORMATION THE PURCHASER OR LESSEE MUST RECEIVE FROM THE SELLER OR LANDLORD PRIOR TO BECOMING OBLIGATED UNDER ANY CONTRACT TO LEASE OR PURCHASE HOUSING CONSTRUCTED PRIOR TO 1978:

An EPA-approved information pamphlet on identifying and controlling lead-based paint hazards;

Any known information concerning lead-based paint or lead-based paint hazards. The seller or landlord must also disclose information such as the location of the lead-based paint and/or lead-based paint hazards, and the condition of the painted surfaces;

Any records and reports on lead-based paint which are available to the seller or landlord (for multi-unit buildings, this requirement includes records and reports concerning common areas and other units, when such information was obtained as a result of a building-wide evaluation);

An attachment to the contract or lease (or language inserted in the lease itself) which includes a Lead Warning Statement and confirms that the seller or landlord has complied with all notification requirements. This attachment is to be provided in the same language used in the rest of the contract or leases. All parties, sellers, landlords, agents, homebuyers, tenants, must sign and date the attachment.

10 DAY INSPECTION PERIOD FOR HOMEBUYERS

Sellers must provide homebuyers a 10-day period to conduct a paint inspection or risk assessment for lead-based paint or lead-based paint hazards.

Parties may mutually agree, in writing, to lengthen or shorten the time period for inspection. Homebuyers may waive this inspection opportunity.

Sellers are not required by law to allow homebuyers to void their contract based on the results of the lead-based paint evaluation.

RECORD KEEPING

Sellers and lessors must retain a copy of the disclosures for no less than three years from the date of sale or the date the leasing period begins.