Buying Home With Lead Paint Present

4 Replies

I ran into property with lead paint issues build in 1978 property asking 11k with a 70k ARV what are my options for such a property also buyer is responsible for own title policy, seller may convey w/ Quit claim deed if VA title is not obtained 5 days prior to closing. What exactly is this telling me about this property???

I do not think it is a big deal. Every state is different but here in Ohio it's incredibly common as almost all of the homes built before 1978 likely have LBP in them.

I know Rhode Island & a few of the states around it are incredibly strick about LBP. I am not sure how it is in Georgia.

In Ohio when you sell them or rent them you need to fill out the LBP disclosure. If you have actual knowledge there is LBP in the home you must disclose this. If you do not know if there is or is not you disclose that you do not know.

James Wise, Real Estate Agent in OH (#2015001161)
216-661-6633

What is your exit plan? What are you state rules? Are you able to have a lead waiver so you are not liable for lead poisoning!

The house sounds like a great "deal". I am a big believer in figuring out what they are selling and its "warts". Once I figure out its warts I decide if I can handle them. If I can, I go forward it I don't I back out . This way there are no wart. 

Originally posted by @James Wise :

I do not think it is a big deal. Every state is different but here in Ohio it's incredibly common as almost all of the homes built before 1978 likely have LBP in them.

I know Rhode Island & a few of the states around it are incredibly strick about LBP. I am not sure how it is in Georgia.

In Ohio when you sell them or rent them you need to fill out the LBP disclosure. If you have actual knowledge there is LBP in the home you must disclose this. If you do not know if there is or is not you disclose that you do not know.

@James Wise Thanks James for the reply I will find out what the requirements are in Georgia for LBP disclosure, but how do they get rid of it? Also, what is this buyer responsible for own title policy and the seller may convey with Quit claim Deed if VA title is not obtained 5 days prior to closing exactly what does this mean?

Buy it! Lead based paint can be removed and the property can be rehabbed. It sounds like this is a property the owner is not willing to upgrade. He just wants to cash out and move on.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you