The purpose of the regulations is to protect buyers and renters from the potential hazards of lead-based paint. The regulations apply to the sale and leasing of housing built before 1978, when the use of lead paint was banned. Disclose the presence of known lead-based paint. Provide any existing records or reports pertaining to the presence of lead-based paint. Provide appropriate disclosure language in either the contract of sale or the lease.
Sellers have an additional requirement.
It is advisable to use a disclosure attachment for all leases on pre-1978 apartments. Contain a statement by the lessee acknowledging receipt of the disclosure information and the required pamphlet and a statement by any agent involved that the agent has informed the cooperative or condominium and its board of its obligations. EPA-HUD have developed sample disclosure formats for leases that can have been published in the Federal Register. Sales contracts must also include specific warnings, disclosures and acknowledgements. Properties sold at foreclosure.