Disclosing Lead Paint is a Federal Requirement When Selling Your House
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Check out this post to find out how you can meet Federal disclosure requirements by disclosing information about lead based paint when selling your home.
You can either watch the video below or read the full transcript that is just below the video!
In this video, I want to walk you through what you are required to disclose about lead based paint when selling your home.
Now this is a federal requirement, so this is not state specific.
Why Disclose Lead Paint?
Before we get into what is required, lets talk about WHY you are require to disclose this information.
First lets start with some facts.
Did you know that approximately three-quarters of all homes built before 1978 in the United States contain some lead-based paint?
Which is probably why over 1 million children have had blood-lead levels above safe limits after being exposed to lead based paint hazards.
This exposure can cause permanent brain damage as well as damage to other organs and can cause reduced intelligence and behavioral problems.
This is WHY the EPA and HUD started to require you to disclose any known information on lead-based paint and lead-based paint hazards before residential houses are sold or leased that were built before 1978.
Keep in mind, because you are selling your home without a real estate agent, you do not have someone handling these details for you.
So be sure to pay attention.
What Are the Lead Paint Disclosure Requirements?
Specifically, you the seller need to be aware of the following 3 requirements.
1) You must disclose ANY knowledge of lead-based paint and lead-based paint hazards and provide any reports that you have available to any buyers or renters, IF you have any.
For your convenience, I have put a lead-based paint disclosure form you can download from my website and use for this requirement. You can download it here.
In this form, you will disclose if you know about lead paint or lead paint hazards in your home.
And then you will have to specify if you have any reports that explain whats going on for the buyer or renter to review.
2) You must give buyers and renters the pamphlet “Protect Your Family from Lead in Your Home” which was developed by the EPA and HUD to educate buyers and renters on these hazards.
I also have this pamphlet available for you to download on my website and you can download it here.
3) You must allow home buyers to get a 10-day period to conduct a lead-based paint inspection at the buyers expense.
Unless the buyer waives this right in the contract to purchase your home.
Typically, this is done during the home inspection.
Also, I have only seen a handful of buyers actually do this test.
But if they want to you have to let them do it.
Now in my video “What do I need to disclose when selling my home” I talked about printing out the Connecticut Residential Property Disclosures report and stapling it together and then putting some copies out on the kitchen table in an acrylic pamphlet holder that you can get from Amazon.
This way you are giving the buyers all the information they need about your home to meet both Federal and State disclosure requirements.
As well as being a helpful seller, which does make a difference.
Also, be sure to have electronic versions to send any buyers or buyers agents.
And remember, this is only for residential homes built before 1978.
Well that’s it, all of this makes sense to you, right?
If not, drop us a comment in section below and we will get back to you right away.
I hope you found this video useful and I did a good job explaining what is required for you to disclose about lead based paint and hazards when selling your home.
After all, if you have purchased or will be purchasing one of my professional listing plans on my website ISoldMyHouse.com then you will be handling the sale of your home on your own as a For Sale By Owner or DIY style.
And you will not have a realtor handling these details for you.
But as you can tell, it’s not that hard and the tradeoff is you save thousands of dollars by not paying a listing agents commission when you sell your home.
And you can use that money for whatever BIG plans you have for it.
About the Author: Kris Lippi is the owner of ISoldMyHouse.com, the broker of Get LISTED Realty and an official member of the Forbes Real Estate Council. He actively writes about real estate related topics such as buying and selling homes, how-to guides for around the house and home product recommendations. He has been featured in Inman, Readers Digest, Fox News, American Express, Fit Small Business, Policy Genius, Lending Tree, GoDaddy, Manta as well as other major websites. Read more about us here.