An Ohio real estate transaction involves a pre-1978 home where the seller states 'no knowledge of lead paint.' The buyer conducts a lead inspection during the 10-day period and finds lead paint in multiple rooms. Under Ohio practice, what can the buyer do?
Correct Answer
C) Terminate the purchase agreement or negotiate lead-related repairs/credits with the seller
Upon discovering lead paint during the inspection period, the buyer can negotiate with the seller for remediation, encapsulation, or a price credit, or terminate the purchase agreement. The buyer exercised their right to inspect, and now has information to make an informed decision.
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Many states and localities have fair housing laws that expand upon the protections offered by the federal Fair Housing Act.
A stigmatized property is one that has an undesirable reputation due to events that occurred on the property or nearby, such as a murder, suicide, alleged haunting, or proximity to a registered sex offender. The stigma is psychological, not physical.
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.
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- → Jake, an Ohio seller, has a property with a French drain system installed to address yard drainage issues. Under Ohio disclosure law, must Jake disclose the drainage system?
- → Terry, an Ohio seller, has a property with a water softener installed to treat hard water from the private well. Under Ohio disclosure law, must Terry disclose the water softener and the reason for its installation?
- → Tom, an Ohio seller, asks whether he must disclose that the property has a sump pump in the basement. Under Ohio disclosure practice, which statement is correct?
- → Nancy, an Ohio buyer, is purchasing a property and asks about environmental assessments. Her agent explains the different phases. Under Ohio environmental practice, what is the purpose of a Phase I Environmental Site Assessment?
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- → Christine, an Ohio seller, knows her property contains asbestos floor tiles in the basement. The tiles are in good condition and undamaged. Under Ohio disclosure law, must Christine disclose the asbestos?
- → Emily, an Ohio buyer, is purchasing a property near a former landfill. She asks her agent about potential environmental concerns. Under Ohio practice, what should the agent advise?
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An Ohio renovation contractor is hired to renovate a pre-1978 home. Under EPA's Renovation, Repair, and Painting (RRP) Rule, what must the contractor do?
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Victor, an Ohio listing agent, is preparing the lead-based paint disclosure addendum for a pre-1978 home. Under federal law, who must sign the lead paint disclosure?