What exactly does this mean? “Buyer to take title subject to lead paint program.” Does that mean that there definitely is lead paint and you have to remove it to take ownership? How much does lead paint removal typically cost?
Anyone?
Hey Rich,
I just bought a Hud house this week that stated that lead based paint was present but an independent report was not supplied .The basic principal is If a home was built before 1978 a lead based paint disclosure must accompany any sales contractin any state ( federal law).If there is lead based paint present which in 99.9% of all homes built before 1978 there is, and you are aware of it you must disclose this to your buyer and supply them with the lead based paint pamphlet and the inspection report from the company that did the study.Some lenders will not lend until remediation is done which could run into the THOUSANDS for removal as the paint is considered hazardous material.BIG MESS. However,what you dont know you cant disclose .My, and from those that I have talked, to the common policy to avoid this whole issue (unless you have been supplied an actual report from someone ) is to tell your buyer the home was built before 1978, there MAY be lead based paint in it ,here’s you required pamphlet and thats all I have to say about that.Honesty is the best policy but what you dont know you cant disclose ;D