Should I get a Lead Based Paint Inspection? 👀
Hey everyone! I've recently been showing/selling homes that were built before 1978; here in Texas, any home built before that date is required to have a Lead Based Paint Disclosure for the buyer to view. In short, it outlines if the seller has any knowledge of lead paint being used on the property. It does not however, require the seller to pay for a test or remediate if lead based paint is found through inspection. Often times, your realtor will negotiate with the seller to remediate the lead paint.
"Hey, MarkAnthony! I'm really interested in this property and the seller says they don't have any knowledge of lead paint... should I pay for a lead paint inspection?"
100% yes! I recommend scheduling your LBP inspection immediately when your option period starts to ensure that if the test comes back negatively and the seller doesn't want to remediate (and neither do you), you have the opportunity to break your contract and still have your earnest money returned to you. You'd only be short your option fee! Yay!
"So... what if I don't want to pay for a LBP inspection?"
By no means do you have to pay for a lead inspection, but that is at your own risk. You have the right to accept that the seller has no knowledge of the paint and just continue with your other home inspections but as your licensed professional I'm going to strongly urge you get one. As we know, lead paint is dangerous if inhaled due to the paint chipping, peeling, or otherwise deteriorating. We never want to put our family at risk. Moreover, if the property you are planning on purchasing is expected to be used as an investment property, you want to ensure your tenants are comfortable and safe.
Thanks for stopping by! See you in the next blog post!
Option Period: The period of time purchased by the buyer (usually $10 a day) to perform an array of inspections on the home their offer has been accepted with. If a "red flag" is found during the inspection, the buyer has the right to break the contract and receive their earnest money back. Often, the option fee is not refundable.
Earnest Money: A show of "good faith" money, usually 1% of the purchase price. This is often confused with the down-payment. Think of this as the down-payment to the down-payment. This fee shows your interest in the property and you're willing to put 1, 2, or 3% up front to secure the sale.