When does the Lead-Based Paint Contingency Period Begin?

Q: If my buyer has not waived the Lead-based Paint contingency and the seller delivers the LBP addendum 5 days after the Effective Date, when does the buyer’s ability to terminate based on the LBP contingency end?

A: According to Section 15 – Lead-Based Paint Contingency Period of OREF 001 – Residential Real Estate Sale Agreement, the buyer has a default of 10 calendar days commencing on the day following the date the seller delivers the Lead-Based Paint Disclosure Addendum, the EPA Pamphlet and all information available to the seller regarding lead-based paint or hazards (defined as the “Lead-Based Paint Contingency Period”) within which to conduct a lead-based paint inspection and/or terminate the transaction.

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