(1) Every contract for the purchase of residential housing constructed prior to 1978, shall provide, in writing, that the buyer has a ten (10) day period (unless the parties agree to a different period of time), during which time the buyer may, at the buyer's expense, obtain a comprehensive lead inspection or risk assessment from a certified lead inspector. Should the inspection reveal lead-based paint or lead-based paint hazards on the premises, the buyer may terminate the contract of purchase within five (5) days of the receipt of the inspection report by the buyer, with all deposit moneys paid on account to be refunded to the buyer (unless the parties agree in writing to a different disposition of such deposit moneys). Failure of the buyer to obtain such inspection within the permitted ten (10) days and/or failure to terminate the contract upon a finding of lead-based paint or lead-based paint hazard within the five (5) day period will constitute a waiver of the right to conduct an independent inspection and the contract will remain in full force and effect.

(2) Every lease, whether oral or written, of residential housing constructed prior to 1978, shall provide in writing, that the lessee has a ten (10) day period (unless the parties agree in writing to a different period of time), during which time the lessee may, at the lessee's expense, obtain a comprehensive lead inspection and risk assessment from a certified lead inspector. Should the inspection reveal lead-based paint or lead-based paint hazards on the premises, the lessee may terminate the lease within two business days of the receipt of the inspection report, with all moneys paid on account to be refunded to the lessee. Failure of the lessee to obtain such inspection within the permitted ten days and/or failure to terminate the lease upon a finding of lead-based paint or lead-based paint hazards within the two-day period will constitute a waiver of the right to conduct an independent inspection and the lease will remain in full force and effect.

(3) Upon renewal of an existing lease and after compliance by a lessor with the disclosure requirements of Section 6-803(2), any lessee shall have the right to proceed with an inspection or risk assessment as provided by Section 6-804(2) except that such renewing lessee shall not be required to terminate the lease within two (2) days of performance of a comprehensive lead inspection or a risk assessment, but shall be afforded a ten (10) day period to notify lessor in writing of lessee's intention to terminate the lease, with actual termination and vacation of the premises to occur at a time not to exceed ninety (90) days after receipt of the comprehensive lead inspection or risk assessment, during which period all lease obligations shall remain in full force and effect.