Common use of Lead Clause in Contracts

Lead. This contract is contingent upon a risk assessment or inspection of the property for the presence of lead-based paint and/or lead-based paint hazards. Purchasers may within the Due Diligence Period as set forth in Paragraph 4 of Purchaser’s Rider, at Purchaser’s cost and expense to have performed the risk assessment or inspection.(Intact lead-based paint that is in good condition is not necessarily a hazard. See the EPA pamphlet Protect Your Family From Lead in Your Home for more information.) This contingency will terminate at the above predetermined deadline unless the Purchaser delivers to the Sellers a written contract addendum listing the specific existing deficiencies and corrections needed, together with a copy of the inspection and/or risk assessment report. The Sellers may at the Sellers’ option, within ten days after the delivery of the addendum, elect in writing whether to correct the condition(s) prior to settlement. If the Sellers will correct the condition, the Sellers shall furnish the Purchasers with certification from a risk assessor or inspector demonstrating that the condition has been remedied before the date of closing. As an alternative to correcting the condition, the parties shall agree on an adjustment to the Purchase Price and thereafter Seller shall have no obligation to correct the lead based paint condition. All testing listed in Paragraphs 4, 4(a), and 4(b) must be completed within the Due Diligence Period. Purchasers must inform Sellers of any concern within the Due Diligence Period, otherwise Purchasers will accept property “as is”.