lead based paint disclosure for real estate salesIf you are thinking of buying or selling a home you need to be aware of a federal law that requires sellers to disclose that the home may contain lead based paint if it was built before 1978.  In addition, the seller must disclose whether the home has been tested for lead based paint or if they have any records or reports about lead based paint in their home.  The seller(s) must provide this disclosure to potential buyer(s) prior to signing a contract.  The buyers shall also have a 10 day option to conduct their own lead based paint risk assessment.  If the buyers choose to conduct an assessment this becomes a contingency to the contract.  The results must be satisfactory to the purchasers meaning it is not a pass/fail situation.  The buyers simply have to be satisfied with the results.  For example, the results might come back saying that there is lead based paint in the home.  The buyers can say they are satisfied even though it tested positive or they can say they are not satisfied and therefore they are cancelling the contract to purchase.  Typically, the older the home the more likely it is to have LBP.  Many of the older homes have been repainted which tends to encapsulate the LBP.  The risk rises when the old paint is chipping, cracking or peeling.  There is the risk that young children may chew on the paint chips and consume lead.   The federal government has produced a pamphlet called “Protect Your Family From Lead in the Home”.  You can click here to download the pamphlet.
The disclosure requirement applies to rental homes as well.  Landlords are required to disclose to potential tenants that their rental property could contain LBP.  If you would like to see a copy of a lead based paint disclosure click here.  For lead based paint disclosures for rental properties click here.  Real estate brokers and landlord are required to keep a copy of their disclosure for a period of 3 years.  In summary, if you are a buyer be sure you have had a chance to review the sellers lead based paint disclosure before you sign a contract.  The same holds true for renters.   You can be sure that real estate agents will have these forms for you to disclose and sign.  Real estate agents in Niagara County and Erie County are very familiar with federal law to disclose lead based paint.  This s not something new.  We just felt it would be a good idea to review for everyone.  As always, if you have any questions feel free to contact one of our professional real estate agents by calling 716-754-2550 or contact us by email by visiting our contact page at https://www.greatlakesrealestate.com/contact-us

Lewiston NY real estate market updateReal estate sales in Lewiston, NY continue on a steady path due to low inventory.  There were nineteen homes sold in January and February of this year.  The average sale price was $266,393.  The total volume was $1,951,000.  Market ready homes are still selling quickly with seven of the nineteen homes selling in less than thirty days.  Another five homes sold between thirty one and sixty days, five more were sold between sixty one and ninety days and one home was sold between ninety one and one hundred twenty days.  The majority of homes sold in this two month period were three bedroom homes totally eleven.  Another eight homes were four bedroom homes.

Of the total sales, four were cash sales, thirteen were purchased using convention financing and two were sold using alternate financing which is typically either an FHA or VA insured mortgage.  As always, we have our fingers on the pulse of real estate in Western New York.  Stop by our website and start your search for a new home by visiting www.greatlakesrealestate.com/search-page or visit our map search page for a rich experience at www.greatlakesrealestate.com/map-search.  If you have any questions or would like to speak with one of our professional agents feel free to contact us any time at 716-754-2550.