Old House Disclosure Statement

[Nate Baumann]

Hi, my name is Nate and I am new to BP and new to rental real estate. I flipped a few homes and have decided to try a longer term approach. I am close to closing on my first deal involving 3 multi-family homes that were built in the 1920's and total 13 apartments. The homes are safe and clean, but have antique railings (wide gaps), some knob and tube wiring, and asbestos based building materials.

I am in the midst of writing my lease agreement and would like people's opinion on the benefits or necessity of adding the following disclosure statement to the Indemnity Section:

"HISTORIC HOME DISCLOSURE - The Owners disclose that the Property was built before modern building codes existed with building practices and materials that were common at the time. The Tenant(s) agrees that they will indemnify, defend and hold the Owner harmless for any damage or injury resulting from building practices or materials that were used in the construction of this Property."

Thank you in advance for your thoughts!