• Include an attachment to the sales contract that includes a Lead Warning Statement and confirms that the seller or landlord has complied with all notification requirements. Sellers and homebuyers must sign and date the attachment. • Sellers must provide homebuyers a 10-day period to conduct a paint inspection or risk assessment for lead- based paint or lead-based paint hazards. These requirements are very important to meet, not just for the safety of your buyers, but also the safety of your finances. 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 just sing like a canary. There is no such thing as “too much information” when it comes to transparency with your buyer. They have the right to know everything about the home they are buying, and it is morally and ethically your responsibility to tell all. 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 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 109
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