Greetings, People.
It is not enough to simply tell the truth. You have to tell the hypothetical truth. That is, if there is a Lotto chance of something happening to someone, and you happen to own the thing that it could happen on, you better preach it.
It's called disclosure. You've seen it used on "Law & Order" when the one legal side has some info and they have to disclose that info to the other side. It's like that in real estate, except mas. You have to disclose things you don't even know.
Like a "Lead Based Paint Disclosure". A seller or a landlord has to give this to a buyer or tenant (Unless the structure was built after 1978, when the evil lead was exiled from home paint) to tell them there is a possibility that there is lead based paint and that if ingested it could be harmful to you (Unlike regular paint that is yummy).
Now, 99% of the people out there have absolutely no idea if their home has lead based paint (the people who do know have way too much time on their hands). Doesn't matter. You have an obligation to the buyer/ tenant to disclose the possibility of it being around.
Just today the Department of Housing and Urban Development (HUD) announced settlements with 2 San Antonio landlords who did not give this disclosure to their tenants. What did the landlords agree to do? $84,000 in lead paint hazard remediation work, the landlords have agreed to pay $6,000 in civil penalties and $20,000 in Child Health Improvement Projects (CHIPs). That is a swift kick in the ouch!
So, whether you are a seller or a landlord, disclose. Disclose important things. Disclose stupid things. If you did some upgrades, disclose. If something needs attention, disclose. Do it in writing and get signatures from ALL parties.
If you'd like a list of disclosures that will keep you safe (Hopefully), contact me at 619-507-7449.
God Bless
Monday, May 10, 2010
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