An Ohio property built in 1975 is being sold as a short sale (lender-approved sale for less than the mortgage balance). The seller has moved out and the bank is managing the sale. Under federal law, who is responsible for providing the lead-based paint disclosure?
Correct Answer
B) The seller remains responsible for the disclosure, even in a short sale situation
In a short sale, the seller remains the owner of record and is responsible for the lead-based paint disclosure. The bank approves the sale terms but does not assume the seller's disclosure obligations. If the seller is unavailable, the practical burden may fall on the listing agent to ensure compliance.
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Previous Question
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?
Next Question
An Ohio seller previously had a lead inspection that found no lead paint in the home built in 1974. Under federal disclosure law, must the seller still provide the EPA pamphlet and disclosure form?