Listing agent Mike has a seller who owns a duplex built in 1965 in Atlanta. The seller plans to sell the property to an investor who will rent out both units. Regarding lead-based paint disclosures, what applies to this transaction?
Correct Answer
C) Full lead-based paint disclosure requirements apply to the sale
Correct: Lead-based paint disclosure requirements apply to all sales of residential properties built before 1978, regardless of whether it's owner-occupied, rental, or investment property. The federal requirements are not waived based on the buyer's intended use. Why not A: Investment property sales are not exempt from lead-based paint disclosure requirements. Why not B: The disclosure requirement is based on the age of the property (pre-1978), not the age of potential occupants. Why not D: A general environmental disclosure does not satisfy the specific federal lead-based paint disclosure requirements.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Fair housing laws apply to a broad range of activities related to housing, including sale, rental, financing, and advertising.
A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
Many states and localities have fair housing laws that expand upon the protections offered by the federal Fair Housing Act.
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