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TLDR: The buyer will need to determine whether to investigate further. The buyer's lender may also have minimum property condition standards that require lead paint removal.
TLDR: The buyer will need to determine whether to investigate further. The buyer's lender may also have minimum property condition standards that require lead paint removal.
For a recap on the Federal Lead Paint Disclosure, see Step 2: Federal Lead Paint Disclosure.
What do I do for this step?
What do I do for this step?
If the property was built before 1978, you can skip this step altogether. If your house was built after 1978, you'll have signed the Lead-Based Paint Disclosure, and the ball is in the buyer's court to decide if they'd like to conduct a risk assessment or inspection for the presence of lead-based paint. However, certain lenders have property condition requirements that may need to be met to close the transaction.
A Note about Federal Lenders' Required Property Condition
A Note about Federal Lenders' Required Property Condition
FHA, USDA, or VA loans often require that the property meet certain criteria related to the condition of the home (i.e. the property may not have any chipping or peeling paint, and “fixer uppers” likely won’t be approved). If the buyer is getting one of the aforementioned loans and lead paint is found in the inspection, the lender may not loan on the property unless the paint is removed.
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