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
D) 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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More Oh Disclosure Requirements Questions
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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?
- → Sara, an Ohio buyer, asks her agent whether she should conduct an environmental assessment before purchasing a residential property in a suburban neighborhood. Under Ohio practice, when is an environmental assessment typically recommended?
- → 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?
- → Under Ohio environmental disclosure requirements, sellers must disclose various environmental conditions. All of the following are environmental conditions that must be disclosed on the Ohio Residential Property Disclosure Form EXCEPT:
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- → An Ohio seller's property has naturally occurring radon levels that exceed the EPA action level of 4.0 pCi/L. The seller had a mitigation system installed that reduced levels to 2.0 pCi/L. Under Ohio disclosure law, what must the seller disclose?
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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?