(1) Every contract for sale of residential housing constructed prior to 1978 shall contain the following lead warning statement in large type:

"Every purchaser of any interest in residential property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavior problems and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest in residential real property is required to disclose to the buyer the presence or absence of any lead-based paint and/or lead-based paint hazards. A comprehensive lead inspection or a risk assessment for possible lead-based paint and/or lead-based paint hazards is recommended prior to purchase or lease."

(2) Every rental agreement for residential housing constructed prior to 1978 shall contain the following lead warning statement in large type:

"Every lessee of any interest in residential property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavior problems and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The lessor of any interest in residential real property is required to disclose to the lessee the presence or absence of any lead-based paint and/or lead-based paint hazards. A comprehensive lead inspection or risk assessment for possible lead-based paint and/or lead-based paint hazards is recommended prior to lease."