Lead-based paint disclosure
A federal disclosure required when selling or renting most homes built before 1978. The seller must share known lead hazards and give the buyer a chance to test.
Also called: lead paint disclosure, lead disclosure
Related terms
A form where the seller lists known problems with the property, such as leaks, repairs or defects. Requirements vary by state; a few states lean toward buyer-beware rules.
An extra document attached to the contract, usually when it is first signed, that adds terms or details. Common ones cover lead paint, HOA rules or a home sale contingency.
A visual check of a home's structure and systems by a trained inspector, usually during the buyer's contingency period. It finds problems before you're locked in; it is not a pass or fail test.
A problem that would significantly affect a property's value or a reasonable buyer's decision, such as a cracked foundation or a failing roof. Sellers and agents generally must disclose known ones.