An Ohio real estate firm's policy requires agents to include the lead-based paint disclosure addendum in ALL purchase agreements, regardless of the property's construction date. Under federal law, is this policy necessary?
Correct Answer
A) No, the requirement applies only to pre-1978 properties, but the firm policy exceeds the minimum legal standard
The firm's policy exceeds the federal minimum requirement, which only mandates lead disclosure for pre-1978 properties. While not legally required for post-1978 properties, a firm may choose to include it as a risk management practice. There is no penalty for exceeding the minimum disclosure standard.
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More Oh Disclosure Requirements Questions
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Previous Question
Paula, an Ohio buyer, exercises her right to a lead inspection during the 10-day period. The inspection finds lead paint on the exterior. Paula wants to terminate the contract. Under federal law, can she do so?
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Ed, an Ohio seller, asks his agent whether lead-based paint disclosure applies to the sale of a vacant lot he owns. Under federal law, does lead paint disclosure apply?