Am I required to disclose my knowledge of lead-based paint in the dwelling that I am selling?

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As the seller or lessor of a residential dwelling, you are required to disclose any lead-based paint defects known to you. Under the recent amendments of the Federal Residential Lead-Based Paint Hazard Reduction Act, sellers, lessors, and their agents must also disclose all documentation concerning the presence of lead paint to buyers and lessees so that they can have the home tested for lead contamination if necessary. The buyer or lessee may void the residential real estate contract or lease based upon the seller’s or lessor’s failure to correct any lead contamination which is discovered.
Usually, the buyer will be required to pay the cost of the inspection while the seller must pay for removing the contamination, unless the parties agree otherwise. A buyer is given 10 days to inspect the premises for lead paint hazards before being bound by the contract. A lessee is entitled to have the disclosure attached to the initial lease agreement or included in the lease. In order to comply with the law, sellers, brokers, agents, and landlords must supply a buyer or lessee with the requisite information pamphlet and an appropriate “lead warning statement” in addition to including a contingency provision in the real estate contract or lease.
If you fail to comply with this law, you are subject to civil penalties in the amount of three times the damages incurred by the buyer or lessee, plus attorney’s fees, expert witness fees, and costs. You may also face a criminal penalty of up to $10,000 per violation