Contracts
Iowa's residential purchase agreement 'lead-based paint disclosure addendum' is required for:
AAll Iowa residential properties
BIowa homes built before 1978✓ Correct
CIowa homes built before 1990
DOnly homes built before 1960
Explanation
Federal law requires a lead-based paint disclosure addendum to purchase agreements for residential properties built before 1978. Sellers must disclose known lead hazards, provide an EPA pamphlet, and allow a 10-day inspection period for testing.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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