A buyer in Georgia is purchasing a home built in 1965. Under federal lead-based paint disclosure rules, what inspection opportunity must the buyer be afforded in connection with the sale?
Correct Answer
A) The buyer must be given a 10-day period to conduct a lead-based paint risk assessment or inspection, unless the parties agree in writing to a different time period or the buyer waives the opportunity.
Under 40 CFR § 745.110(a) and 24 CFR § 35.90, the seller must allow the buyer a 10-day period (unless mutually agreed otherwise in writing) to conduct a risk assessment or inspection for lead-based paint hazards before the buyer becomes obligated under the contract. The buyer may also waive this opportunity in writing.
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Related Topics & Key Terms
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Related Concepts
An as-is clause in a real estate contract states that the buyer accepts the property in its current condition without requiring the seller to make any repairs. However, an as-is sale does NOT eliminate the seller's obligation to disclose known defects.
Asbestos disclosure involves informing buyers about the presence of asbestos-containing materials (ACMs) in a property. Asbestos was commonly used in construction materials before 1980 and poses health risks when fibers become airborne.
Violating fair housing laws can lead to significant penalties, including fines, civil liability, and professional discipline.
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