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What is the difference between latex and oil based paints?

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What is the difference between latex and oil based paints?

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There are two main types of paint known to everyone as latex or oil. Latex was first introduced in the 1950’s and can be cleaned up with soap and water. It is also non-toxic, non-flammable, fast drying and is offered in a variety of colors and finishes. Latex paint is even available in a version that has little or no VOC’s (Volatile Organic Compounds), which means there is little or no odor and it is not harmful to the environment.

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