If lead is found, a buyer has the right to cancel the contract. In addition, landlords are now required to advise tenants of the presence of lead paint once it is detected. If lead is found, a landlord must properly remove the lead containing paint. Landlords must also provide their tenants with information pamphlets concerning lead exposure. But there are few rules in real estate, only customs.
Parties are free to adjust their contracts as they deem fit.
In the last ten years, there has been a tremendous amount of litigation nationwide over injuries allegedly attributed to lead contamination. Older paint manufacturers, distributors and retailers have been included in these large, multi-party cases, and plaintiffs' attorneys have collected a sizable war chest of shared information. Their clients, often people who came into prolonged contact with lead as children, are alleged to be suffering from irreversible brain damage. Home purchasers never are interested in buying into these kinds of horrifying lawsuits. They might therefore consider confronting this issue before the purchase.