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A hazard statement must be provided to property buyers or lessees, disclosing known hazards such as natural disasters, lead paint, and proximity to contaminated sites. Property owners must comply with risk disclosure laws and ensure the language on the form is accurate. Testing for hazards is not always required.
A hazard statement is a statement discussing known hazards in or around a property. In many regions, a risk disclosure must be provided to a property buyer or lessee before they become obligated under a contract to take possession of the property. This is designed to ensure that people have the opportunity to opt out of a purchase or rental if they are concerned about the risks discussed in the hazard disclosure.
A common example of something discussed on a hazard disclosure is natural hazards. If a home is located in a flood zone, fire prone region, or area known for seismic activity, this should be stated in the hazard statement. Other issues may include the presence of lead paint, proximity to a contaminated site, and other potential hazards that may cause concern.
While people are required by law to disclose known hazards, they are not necessarily required to test for hazards. In other words, if a home is in an area known for natural hazards, the landlord is required to mention it, but the landlord is not required to test for things like radon or asbestos. Hazard disclosures also usually include a list of things that can reasonably be believed to be dangerous, even if they haven’t been tested: A home built before 1978, for example, must include a statement that it might contain lead paint and information about pre-1978.
Risk disclosure laws can get complex. When people put a home on the market, they should take the time to talk to their real estate agent about their obligations under the law, to make sure they are compliant. Failure to comply could be grounds for litigation or could allow individuals to withdraw from a sales contract without penalty. Property owners intending to rent should consult with local officials or property management companies about their obligations; many government housing agencies provide brochures discussing the rights and obligations of landlords and tenants that provide information on risk disclosure.
The language on a hazard disclosure form must also be worded carefully. Filling out blank legal forms are available from some legal publishing companies, and people can also hire a company to fill out an appropriate risk disclosure form for their property. When someone else prepares the form, you should review it carefully to make sure it is accurate.
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