Arizona Purchase Contract | Lead-Based Paint Disclosure

If a property was built prior to 1978, a lead-based paint disclosure is required not only by state law, but by the Environmental Protection Agency. It also requires that all parties to the transaction including buyers, sellers, buyer’s agent and seller’s agent sign the document making the disclosure.

There is also a pamphlet produced by the EPA to inform buyers and tenants of the dangers of lead-based paint and how it can or may affect those exposed. To view the pamphlet, click here.

There are two options to check on the Arizona Purchase Contract. Option one states that information regarding lead-based paint was provided prior to contract acceptance. The buyer then has the opportunity to conduct an assessment of risk or an inspection during the inspection period.
The second option states that the seller shall provide lead-based paint information within five days after contract acceptance. The buyer then has five days to cancel the contract within five days after receipt of the lead-based paint information of within five days after expiration of the assessment period.

Since this is a required disclosure by the EPA regardless of whether or not the seller has ever lived in the property, buyers will always receive this disclosure, even when purchasing a foreclosure property. Typically the seller will check the box that states that they have no knowledge of any lead-based paint on or within the premises.

About Melissa Yost Fuentes

Melissa specializes in residential real estate in the Central Arizona market which includes the communities of: Casa Grande, Maricopa, Arizona City, Coolidge, Florence, Chandler, Gilbert, Mesa, Queen Creek, San Tan Valley and everything in between. She has a drive for excellence which has earned her the following designations and certifications that add to her ability to effectively work for you: the Certified Distressed Property Expert designation, the Certified Investor Agent Specialist designation, the Accredited Buyer Representative designation, the Short Sale & Foreclosure Resource certification, the Graduate Realtor Institute designation, and the ePro designation which is designed to help utilize the most current and innovative technology tools when searching for or selling your home. In addition, an Associate of Arts degree in Visual Communications with an emphasis in Multimedia helps Melissa put every piece of the marketing puzzle together to work for you when selling your home in this difficult market.

Posted on October 11, 2010, in Contracts, Helpful Information and tagged , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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