Chapter 1
Property Rights and Interests
Course: Texas Real Estate Exam Prep
Subject: Texas State Salesperson Exam Prep
Chapter: Property Disclosures And Inspections Of Texas Real Estate Salesperson Exam Prep
Legal Requirement
Federal Law: Residential Lead-Based Paint Hazard Reduction Act (Title X)
Applies To:
- Residential properties built before 1978
- Sales and leases
- All 1-4 family dwellings and condos
Does NOT Apply To:
- Properties built 1978 or later
- Foreclosure sales (but good practice to provide anyway)
- Short-term leases (less than 100 days)
Required Actions
- Seller Must Provide:
- EPA pamphlet "Protect Your Family from Lead in Your Home"
- Lead-based paint disclosure form
- Any known reports or records of lead-based paint
- Buyer Must Receive:
- 10-day opportunity to conduct lead-based paint inspection (or negotiate different period)
- Buyer can waive inspection right
- Agents Must:
- Ensure seller provides required documents
- Ensure buyer receives 10-day inspection opportunity
- Keep signed disclosure in transaction file for 3 years
- Cannot waive requirement on behalf of client