While the results of an inspectionmight cause unplanned investments in renovations, you could avoid a potentially costlier lawsuit if undisclosed issues are discovered after the sale. Getting an inspection in advance also will give you the upper hand when negotiating with the prospective buyer. There will be no last- minute surprises or unfounded demands that set the sale off course. DISCLOSURES FOR ALL Some disclosures are required in all 50 states. The use of lead-based paints or other hazardous materials can be harmful to home inhabitants, especially young children. If any of these materials have been used in your home, the buyer needs to know. THE RESIDENTIAL LEAD-BASED PAINT HAZARD REDUCTION ACT OF 1992 (AKA “Title X”) states that if you are selling a home built before 1978, you must comply with the following procedures: : Give an EPA-approved information pamphlet on identifying and controlling lead-based paint hazards. : Disclose any known information concerning lead-based paint or lead-based paint hazards. The seller must also disclose information such as the location of the lead-based paint and the condition of the painted surfaces. : Provide any records and reports on lead-based paint or lead- based paint hazards that are available to the seller. : 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
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