Dear Monty: We will be selling our home in the spring. Our house was built in the early 1940s. It is a large three-story stone home in a historic district. The inspector did not mention two environmental-type items, asbestos and lead paint, which surprised me, as I suspect we have both. Do I have to disclose this to a buyer?
Monty’s Answer: Federal Lead-Based Paint (LBP) disclosure rules from the Environmental Protection Agency (EPA) require sellers of most residential housing built before 1978, including REO bank properties and for-sale-by-owner (FSBO) properties, to follow these procedures. No. 1: Disclose the presence of LBP. No. 2: Provide buyers and tenants with any available records or reports about any LBP present in the housing. No. 3: Provide buyers and tenants with a federally-approved LBP Hazard information pamphlet. No. 4: Ensure that offers to purchase and leases contain certain disclosures and acknowledgments. No. 5: Provide homebuyers with an opportunity to inspect for LBP….