Van Alstyne real estate built after 1978 should be free of lead based paint.
Why should investors and home buyers seek Van Alstyne Homes built after 1978? There are many considerations when choosing rental property, flips or your family’s home. One big consideration is lead based paint, EPA requirements and the TREC Lead Based Paint Real Estate Addendum.
None of those issues should be deal breakers but it’s one thing that can be avoided with newer properties. The Texas Association of Realtors General Information To A Buyer (TAR -1506) notice states,
If you buy a property built before 1978, federal law requires that you be provided with: (1) the pamphlet titled “Protect Your Family From Lead In Your Home” ; (2) the records and reports the seller has concerning lead-based paint or hazards; and (3) an opportunity to have the property inspected for lead-based paints or hazards.
TREC (Texas Real Estate Commission) requires a Lead Based Paint Addendum with any property sold that was built prior to 1978. The buyer can have a certified lead based paint inspection or waive the inspection right. Sellers should be aware that if not waived, the buyer has the right to terminate the contract and recover the earnest money if testing shows lead hazards.
In reality, lead disclosure is seldom done. Many homes sold are foreclosures, bank owned or from estates. These sellers never lived in the home and have no knowledge of any lead based paint. Most owners don’t know if their home has lead based paint and if it did, it has probably been painted over many times since lead paint was removed from the market. In most cases the seller will simply check that they have no knowledge.
When painting or remodeling a home-built before 1978 you may be required to use an EPA lead based paint certified painter. This will be more expensive as the painter must take certification classes. The presence or potential presence of lead based paint shouldn’t be a knock out when considering a home purchase but it is something to be aware of.
As a buyer, it is up to you to determine how important this is, especially if you have children, will be renting, flipping or remodeling. Points to remember are;
- There is a Potential hazard
- You have a way out of the contract if found during an inspection
- You must disclose the potential or real hazard to subsequent buyers and renters
- You must provide the LBP pamphlet to future buyers as well as renters
- You may be required to use a lead paint certified painter when remodeling
To learn more about important considerations when buying and selling Van Alstyne or other area real estate, contact me through the website form or call Keith Laursen at 469.233.1234.