conduct a paint inspection or risk assessment for lead- based paint or lead-based paint hazards.
Title X requirements allow the buyer to sue you for triple the amount of damages suffered from the exposure. To make sure you won’t have to triple-pay, triple-check that you have done all you can to disclose any potential hazard materials in your home. For more information, visit the EPA website: www.epa.gov/lead.
WHEN IN DOUBT, DISCLOSE
The best way to ensure no repercussions of liability from lack of disclosure is to disclose any known issues. However, just because you’ve disclosed a problem doesn’t mean the problem is yours. The buyer may negotiate potential costs of renovations into the deal. For example, if the cost to get the pipes fixed is appraised at $5,000, subtract the amount from the sales price. The buyer can use the savings to get the work done themselves. Some eager buyers may even look the other way on a minor issue that will not affect their quality of living, in order to get a deal done as soon as possible. You and the prospective buyer will have a healthier and more productive negotiation when all the cards are laid out on the table.
HOW TO DISCLOSE
Once you’ve figured all that must be disclosed to your prospective homebuyer, you need to figure out the right way to divulge the information. There are specific forms in many states that use prompting questions and fill-ins so that it’s easy to complete and understand the reports of problems with your home.
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