Legal Hotline: When is the Lead Paint Disclosure Form Due?
Legal Hotline: Lead Paint Notification Due Prior to a Binding Offer
The Property Transfer Lead Paint Notification must be provided prior to the signing of a purchase and sale agreement. What happens if the offer is – as most are in the Cape Cod, Martha’s Vineyard, and Nantucket marketplace – a binding offer? In that case, the listing agent needs to provide the notification prior to an offer being made. Remember, the Massachusetts Association of REALTORS® offer form (the Contract to Purchase Real Estate) is a binding offer.
If you have an offer form that is a non-binding offer (which is a rare occurrence with the offer forms used across Cape Cod, Martha’s Vineyard, and Nantucket), the Property Transfer Lead Paint Notification must be provided prior to entering in to the purchase and sale agreement.
A best practice is to upload a signed Lead Paint Notification form as a document with your listing in the MLS listing software, so that it is provided to all cooperating brokers and agents whether they are submitting on offer that is a binding agreement or not to make your transaction more efficient.
The purpose of the Lead Paint Notification is to ensure that purchasers of real property are aware of the risks of lead poisoning and notified of known hazards in the home that they are considering purchasing prior to entering into a binding contract to purchase that property.
In addition, it is important to make sure you are your seller correctly fills out the Lead Paint Notification form when doing it digitally. CCIMLS Director Marcia L. Stirling walks you through how to set it up correctly for your seller to comply with the law in the video below: