For Sale By Owner (Source; theprovince.com)
Are you interested in selling your own home? Are you aware of the massive amount of disclosures required by State of California?
Well, here’s some background information about the lead-based paint disclosure that you would have to provider every potential buyer who writer an offer on your home.
If your home was built prior to 1978, the odds are that lead-based paint was used in the home. In that case, even Environmental Protection Agency (EPA) mandates that any repair and painting should be done with certified and trained technicians who will need to follow strict guidelines for protective work practice to avoid any exposure to lead. This rule applies to remodeling, repair and painting activity affecting more than 6 square feet in a room or 20 square feet of lead-based paint for exterior of your home.
The Disclosure document associated with Lead-Based paint states that lead-based paint may place young children at risk of developing lead poisoning and may produce permanent neurological damage, including learning disabilities, reduced intelligent quotient, behavioral problems and impaired learning. The lead-based paint disclosure also warns of risk for pregnant women as well.
So, if you have done any such repairs in your home you will need to disclose that to your potential buyers.
The California Association of Realtor’s lead-based paint disclosures has specific language that will allow sellers to identify any specific location of the property where lead-based paint might have been used. This disclosure form also offer the buyer 10 days to check for the presence of lead-based paint prior to close of the purchase transaction.
Ironically, disclosures are the main source of challenges to a real estate sale transaction and home owners are held liable up to 5 years after the sale where the buyer has the right to file for damages if they discover any hazardous material that the seller might have known about but failed to disclose.
So, if you are selling your home by yourself, then at least make certain you have all the disclosures that is required by EPA and State of California so you can sleep like a baby after your home’s sale.
Contact Us if you have any questions about these disclosures.
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