The Nest

NestApple's Real Estate Blog

Featuring real estate articles and information to help real estate buyers and sellers. The Nest features writings from Georges Benoliel and other real estate professionals. Georges is the Co-Founder of NestApple and has been working as an active real estate investor for over a decade.

What is a lead based paint disclosure form in NYC?

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In NYC, Sellers and landlords of homes built before 1978 are required to notify tenants and buyers of the risk of lead-based lead based paint disclosure form and riskpaint. Lead-based paint is of particular danger to young children. This may produce permanent neurological damage, which ranges from learning disabilities to behavioral issues. Lastly, it also poses a risk to pregnant women. This is why regulators came up with the lead-based paint disclosure form.

Sellers in New York State and NYC must provide the prospective purchaser with any information on lead-based paint hazards. This disclosure ranges from risk assessments to inspections in the seller’s possession. The seller needs to disclose to the buyer of any known lead-based paint risk.

Prospective buyers may also wish to conduct a risk assessment or inspection for possible lead-based paint risk.

Landlords must also disclose the presence of known lead-based paint and lead-based paint hazards in the dwelling.

Finally, tenants and purchasers must also receive a federally approved pamphlet on lead poisoning prevention as part of the lead-based paint disclosure process.

Who Provides lead-based paint disclosure form?

The Department of Housing and Urban Development (HUD) gives the lead paint hazard pamphlet in various languages. They also offer the Lead Warning Statement both in Spanish and English.

To reveal the presence of lead paint, you need to give prospective tenants any records about the inspection for or discovery of lead paint.

What should every tenant know about Local Law 1 and that lead-based paint disclosure form?

Local Law 1 is the NYC Childhood Lead Poisoning Prevention Act of 2003. The purpose is to prevent lead paint hazards in housing and daycare facilities. The law requires landlords to follow specific rules meant to help prevent children from being lead-poisoned.

When must a purchaser be provided with the Disclosure Form?

The listing broker should provide the purchaser with an EPA pamphlet as well as the Lead-Based Paint Disclosure Form at the time he lead based paint disclosure form and riskwants to make an offer. After that, all information in the seller/lessor’s possession must be made available to the purchaser/lessee. All disclosures must occur before the seller accepting the purchaser’s written offer to purchase or lease.

The law also requires sellers to provide buyers up to 10 days to have the property tested for lead-based paint before the contract becomes binding. Upon receipt of an offer for the home, the listing agent should confirm that the offer includes a completed disclosure form. Brokers must keep a copy of the form for three years from the closing date.

Is it illegal to sell a house with lead paint?

Yes. Lead is extremely harmful to your health. Authorities banned lead-based paint in the United States in 1978. If a developer built your house before then, it probably contains lead paint. Finding some lead paint and removing it can be costly, but you do have other options.

How is lead paint removed?

Contractors us a variety of approaches to remove lead-based paints, such as wire brushing or wet hand scraping with liquid paint removers. Your contractor may opt to wet sand surfaces and must use an electric sander equipped with a high-efficiency particulate air (HEPA) filtered vacuum.

How do you know if your house has lead-based paint?

To tell if a home has lead-based paint, you’re going to need a test. When there is a suspicion, inspectors can use an X-ray to look through the paint layers tolead based paint disclosure form and risk the base wood of the wall. X-rays can’t pass through lead. So it is easy to spot. Most home inspectors will check for lead paint, but not all of them. If not, you can find a certified lead inspector. If you find lead paint, a certified inspector can also remove it. However, it will cost you. Deleading costs around $3,000, and projects typically range between $1,500 and $5,000. Abatement methods and prices vary widely depending on the home’s size and the severity of the problem. Expect to pay more than $10,000 in NYC to eliminate it from your home.

When should a seller or landlord sign the Lead Paint Disclosure Form?

When he signs the listing agreement, the listing broker should do the following:

  • Notify the seller of the obligation to disclose the presence of (known) lead-based paint.
  • Obtain records, reports, or other information relating to lead-based paint on the property from the seller.
  • Have the seller complete and sign his or her portion of the Disclosure Form.

Written By: Georges Benoliel

Georges has been working in Wall Street for the last 16 years trading derivatives with hedge funds. He has been an active real estate investor for over a decade. Georges graduated from HEC Business School in Paris and holds a master in Finance from ESADE Barcelona.

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