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Lead Paint
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Lead paint was prized for it's durability, looks and ease of care. This paint was often painted over becoming a hidden danger. Present standard dictate that all lead paint be removed. Special health concerns and the possibility of environmental pollution make removal expensive and time consuming.

Lead was used in plumbing until fairly recently. The word plumbing comes from the Latin for lead.  Lead solder or pipes in your fresh water system can leach the metal into the water posing a danger to drinkers.

In New Jersey, if your property was built on or prior to 1978, there is a good chance that any exiting original paint is lead-based.  This issue is specifically dealt with in the standard New Jersey Real Estate agreement of sale. 

Testing for lead is not a usual part of a home inspection. Home test kits are available at your local hardware store. An environmental hygienist, or lead remediator can be consulted for testing and removal.
 

Additional References:

Ohio State University Extension Fact Sheet - Lead Contamination in the Home

HUD Web site on Lead

EPA Web Site for Lead Related Brochures and Posters

Protect Your Family From Lead in Your Home