Is That Right?
While out in the field with some buyer clients a glaring example of ignorance or misinformation was repeated, in a public setting, again. Before jumping on the soapbox, a reminder, buyers beware! No, not of the wild, barking and snappy dogs at the showings, but of the silent unseen more dangerous ‘things’ that everyone should concerned with or at a minimum aware of in properties of all types. The ‘monster’ in the basement (although there are some pretty creepy basements out there) might not be the worry, but the sometimes-invisible hazards that can be found at many properties should be.
Case in point, “Nobody tests for lead anymore.” An outrageous statement minimizing a real danger not just to children, but to everyone. If you are buying, selling or living in a property built before 1978 you should be concerned about lead poisoning. Poisoning! Yikes! Isn’t that word a bit strong? No, not when you look at the statistics available.
One of the oldest housing stocks in the United States is in Rhode Island where close to 20% of all children have been affected by lead-paint. Yes, almost 1 in every 5 children has been poisoned. There is no recovery for the poisoned and aside from the human tragedy in those numbers the cost associated with those instances is staggering.
The following are symptomatic of lead poisoning in children:
- brain and nervous system damage
- behavioral problems
- learning problems
- slowed growth
- hearing problems
- headaches
and for adults:
- reproductive problems in men and women
- pregnancy difficulties
- high blood pressure
- digestive problems
- nerve disorders
- memory and concentration problems
- muscle and joint pain
Many of the unsuspecting would rather be concerned with other things from monthly payments to global warming. But, this information (about lead) has been available for many years and is a required part of all residential transactions when the unit was built prior to 1978 by way of the Childhood Lead Poisoning Prevention Program (CLPPP).
Know your rights and use those rights! Take the time to understand what potential hazards might be at any property. There are many ‘shoulds’ that turn in to unfortunate ‘could haves’.
Sellers are not required to test or pay for any lead hazard test at a property. They should provide any report available if they did a risk assessment on the way in or were given reports by others at the time of their purchase. Unfortunately not everyone believes in transparency.
Regardless, the seller must disclose the potential for lead-based paint in the home when built before 1978 and if you are a buyer, your real estate agent should also provide you with a pamphlet that explains the hazards of lead-based paint. There are standard forms certifying the disclosure.
There is also a 10-day period for buyers to have a property inspection for lead hazards before a contract can be binding. Many sellers’ agents will try to speed up that inspection contingency or minimized the idea of the hazard with a silly statement like, “I grew up in a home with lead-paint and I’m okay”. Waiving the right to inspect is not recommended! The knowledge gained by a good inspection is a great protection whether the risk is major or minor.
Buying a bank owned home? Crazy as it may seem, banks get a pass when selling REO. The law requiring disclosure of lead-based paint does not apply to foreclosures so again, buyers beware!
Often at the closing table disclosure documents are presented for signature naming all kinds of environmental hazards. Lead, asbestos and underground oil tanks. Contamination by petroleum products, industrial sites and illegal drug manufacture. Water quality, mold and radon. Electromagnetic fields nuclear sources and disposal sites. Manufacturing, transportation and agriculture.
The list could go on, but the idea is to be prepared up front. Know your risk tolerance and follow best business practice. Make good choices by being well informed. The few dollars you will pay to investigate a property by inspection before purchase will bring you a thousand-fold in piece-of-mind later.
If at sometime in the future you decide to move again (or pass the property to your heirs), you will be able to report to any potential buyer in good faith all that you have learned during your stewardship at the property.