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How and When to Use a Lead Based Paint Disclosure Form in NYC.
I’m Nick at Hauseit, and in this video we will tell you everything you need to know about how the lead based paint disclosure form is used in NYC real estate. So let’s get started!
Sellers and landlords of properties built prior to 1978 in NYC are required to notify prospective tenants and purchasers of the risk of exposure to lead from lead-based paint.
Lead-based paint is of particular risk to young children, as lead poisoning 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.
Sellers in New York and NYC are required to provide the prospective purchaser with any information on lead-based paint hazards from risk assessments or inspections in the seller’s possession and notify the buyer of any known lead-based paint hazards.
Prospective purchasers may also wish to conduct a risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase.
Landlords in NYC must also disclose the presence of known lead-based paint and/or lead-based paint hazards in the dwelling.
Prospective tenants and purchasers must also receive a federally approved pamphlet on lead poisoning prevention as part of the lead-based paint disclosure process.
When should a seller or landlord sign the Lead Paint Disclosure Form?
At the time of signing the listing agreement, the listing agent should do the following:
Advise the seller or lessor of the obligation to disclose the presence of known lead-based paint.
Obtain any records, reports, or other information relating to lead-based paint on the property from the seller or lessor.
Have the seller or lessor complete and sign his or her portion of the Lead-Based Paint Disclosure Form.
When must a purchaser/tenant receive the Lead Paint Disclosure Form?
The listing agent should provide the purchaser or lessee with an EPA pamphlet as well as the Lead-Based Paint Disclosure Form at the time a purchaser or lessee wants to make an offer.
Thereafter, all information in the seller or lessor’s possession, including copies of records and reports of lead-based paint must be made available to the purchaser or lessee.
All disclosures must occur prior to the seller accepting the purchaser or lesse’s written offer to purchase. The law also requires sellers to provide potential purchasers or lessees up to 10 days to have the property tested and inspected for lead-based paint before the purchaser or lessee becomes obligated under a contract.
Upon receipt of an offer for the property, the listing agent should confirm that the offer includes a completed disclosure form indicating that the disclosure requirements have been satisfied. Agents must keep a copy of the disclosure form for 3 years from the closing date (or commencement of the lease term).
So there you have it. We hope you found this video helpful, and if you did, please do us a favor and hit like, subscribe and leave us a comment. I’m Nick at Hauseit, and we’ll see you on the next video!
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