Only a disclosure requirement "must" disclose the following:
"Known" means actual knowledge, not "should have" or "could have" known. Distinguish between lead-based paint and a lead hazard. AS REALTORS®, YOU HAVE TO ENSURE THAT THE SELLER OR LESSOR SATISFIES THE DISCLOSURE OBLIGATIONS.
The only persons/REALTORS® who are exempt are those who receive all compensation from the purchaser. 5 Things You Must Do or Remember:
Note: the federal regulation only apply to "targeted" housing built prior to 1978. Iowa does not yet distinguish for only these types of housing. Exempted Housing Includes:
Rental housing "records" must include ALL records, including common areas, or as a property as a whole. Tip: Get a copy and make copies of any "Certified Lead Free" report. Key PointsDisclosures MUST occur prior to the seller's acceptance of the purchaser's written offer to purchase. If the potential purchaser makes an offer before the required disclosures are done, the seller may NOT accept the OFFER until:
Note: The purchaser may elect to have their own tester inspect the property, even if the other testing results have been provided. A renter is not given a 10-day option, they are only allowed to review the information and lease before signing. What Happens if Lead is Found?Possible typical contingency language in contracts MAY include (what happens if lead is found – or even if not found):
Iowa Association of REALTORS® has revised forms which meet the requirements available. Such things as acknowledgements, certification of accuracy, disclosure obligations checklist, information pamphlet disclosure statements. Note: You, as REALTORS® must keep the copy of the disclosure statement for three years. Possible Penalties
The Iowa legislation has three (3) sections:
Effective date for owners of one to four dwellings - December 6, 1996 Effective date for owners of more than four dwellings - September 6, 1996 The Iowa Dept. of Public Health now has a lead poisoning hotline established to discuss various lead-based paint hazards. They also give out the required pamphlets for free. Iowa Department of Public Health: 1-800-972-2026 Who must receive the leadA prospective buyer of a residence built prior to 1978 is put on notice of LBP conditions by handing them the disclosure forms before they make an offer. The disclosures advise them they have a 10-day period after their offer is accepted to evaluate the lead-based paint risks involved.
Which transaction is not exempt from the TDS disclosure requirement?The Transfer Disclosure Statement (TDS) is required in the state of California unless the seller (or transferor) meets one of the following conditions: Court-ordered sales such as probate sales, foreclosure sales, sale by bankruptcy trustee, eminent domain.
Who prepares and delivers the transfer disclosure statement TDS?Real Estate Transfer Disclosure Statement
The seller and any broker(s)/agent(s) involved are to participate in the disclosures. If more than one broker/agent is involved, the broker/agent obtaining the offer is to deliver the disclosures to the prospective buyer unless the seller instructs otherwise.
What are the circumstances where a leadFor homes built before 1978, the buyers must be provided with the EPA "Protect Your Family" brochure. They must also sign a lead paint disclosure form before signing the sale contract. It is the duty of the seller (and of the broker) to disclose any information about the presence of lead paint to the buyer.
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