Frank, an Ohio buyer, purchases a pre-1978 home and receives the lead paint disclosure at signing. The disclosure indicates the seller has no knowledge of lead paint. Frank asks his agent whether the disclosure means the home is lead-free. Under Ohio practice, what should the agent explain?
Correct Answer
B) No, the disclosure reflects the seller's knowledge only; the home may still contain lead paint
The seller's disclosure of 'no knowledge' means the seller is not aware of lead paint in the home — it does not mean the home has been tested or certified as lead-free. The buyer's agent should explain that pre-1978 homes may contain lead paint regardless of the seller's knowledge.
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An Ohio bank forecloses on a pre-1978 home and lists it as REO (real estate owned). Under federal lead paint disclosure law, must the bank provide lead paint disclosure to potential buyers?
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