This is the first of a series of post on the types of property disclosures you must receive from a Raleigh home seller. And remember this important point, it makes no difference if the home, townhome or condo is being sold by a Raleigh real estate agent or a for-sale-by-owner (FSBO), everyone must comply with the law. Some of these disclosures apply only to condos (built on/after Oct. 1, 1986) like the Condo Resale Certificate while others are applicable for homes built after 1978 (lead-based paint disclosure). Every Raleigh home buyer must receive the Residential Property Disclosure Statement (does not include new homes but does include single-family homes and dwellings up to 4 family units).

The three (3) primary disclosures that I will cover in this series includes the:

  1. Residential Lead-based Paint Hazard Disclosure (for all homes built prior to 1978)
  2. Residential Property Disclosure Statement (homes-condos & townhomes)
  3. The Condo Resale Certificate (condos built on or after 10-1-86)

The Residential Lead-based Paint Hazard Disclosure

If you are selling your Raleigh house built before 1978, you must comply with a the Residential Lead-Based Paint Hazard Reduction Act of 1992 (U.S. Code ยง 4852d ). It is also referred to as Title X.

The Residential Lead-Based Paint Hazard Reduction Act of 1992 requires that you:

  • Disclose all known lead-based paint and hazards in the house
  • Provide buyers with a pamphlet prepared by the U.S. Environmental Protection Agency (EPA) called Protect Your Family from Lead in Your Home
  • Include certain warning language in the contract as well as signed statements from all parties verifying that all requirements were completed
  • Retention of signed acknowledgments for three years as proof of compliance
  • Provide Raleigh home buyers a ten-day opportunity to test the house for lead.

Raleigh Home Sellers – Failure to Comply Could be Costly!

Failure to comply with Title X requirements could result in the buyer taking legal action to sue you the seller for triple the amount of damages actually suffered. For more information on lead hazards, prevention, and disclosures, contact the National Lead Information Center — by phone at 800-424-LEAD, or check their website at www.epa.gov/lead.

All the More Reason to Hire a Raleigh Real Estate Expert!

This short post should be a wake up call for anyone who is thinking about buying or selling Raleigh real estate! As you can readily see, buying and selling Raleigh real estate is a complex transaction and requires the help of a knowledgeable real estate professional who should protect your interest and keep you from legal peril. Stay tuned as I review the next disclosure – the Residential Property Disclosure Statement.

More to come soon,

Jim