If anyone has bought or sold a home recently, you know there is a LOT of paperwork to a real estate transaction. One very import disclosure that must be disclosed to a prospective buyer, for homes 1978 or older, is whether or not the home contains lead-based paint. Recently in the news, there has been a lot of talk on the issue as certain paint manufacturers have come under fire for promoting lead-based paint. In lieu of this, many of my seller’s have raised the question “how do the actions of such companies affect me?” The illustration below, provided by the California Association of Realtors, helps to clarify a few points on this very important issue.
It is important to remember, when selling a home, the homeowner has the responsibility to accurately disclose known issues to prospective buyers. Failure to do so is often where many homeowners find themselves in trouble. When in doubt, seek the advice of a trained Realtor, whether it is lead-based paint or a flood in the bathroom, it’s important to share what you know.