Tuesday, January 8, 2008

Lead Base Paint Disclosure

By Ralph Marcus (Mark) Maupin, Jr.
What can happen when you don’t get a signed lead base paint disclosure? We purchased a 2-unit apartment building about a year and half ago from a seller who was being sued by his tenant for lead base paint problems. He had no knowledge of lead base paint. When we resold the property a short time later, we disclosed the same, as we had no knowledge of the lawsuit of the problem. Since we had disclosures signed by the seller, we avoided a lawsuit from our buyer. Take the time to get lead base disclosures on every sale. Have the seller fill them out. We have forms you can use in our free forms section.
The comments in Mark's Corner are shared personal experiences. They are not intended to be legal or accounting advice nor solutions. You should always consult with the appropriate professional when making decisions.

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