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Top 5 Real Estate Lead Base Paint Disclosure TipsThe EPA (Environmental Protection Agency) is dead serious about enforcement of the regulations concerning lead base paint disclosure. These regs specifically make the real estate agents in a transaction liable along with the seller(s) if disclosure is not properly handled. Don't be put out of business by the stiff fines that are levied just for not properly documenting the disclosure process as it relates to lead base paint in properties for sale. 1. Use the Appropriate Form
2. Deliver the Documents in a Timely MannerWording from the regulation: "Section 1018(a)(1)(B) of the Act requires the seller or lessor of target housing to provide all information known to the seller or lessor on lead-based paint and lead-based paint hazards in the housing to the purchaser or lessee before the purchaser or lessee is obligated under any contract to purchase or lease target housing." If you don't have a properly executed disclosure form dated and time stamped prior to the date and time on the purchase agreement, you're busted. If you've received an incomplete disclosure from the seller agent, don't do the purchase agreement and let them know.3. You Have Responsibility as a Buyer AgentJust remember that the government wants it done and will go after anyone they think erred in the process. If you don't have that pamphlet and the completed disclosure in the hands of your buyers, don't get them to sign a purchase contract.You can print the pamphlet out on 8 & 1/2" x 11" paper and give it to your buyers yourself. You can print it out from here. 4. If You're the Sellers' Agent - Put this Stuff in the HomeIt would seem efficient and prudent to have the properly filled out and signed disclosure form and the pamphlet in multiples in the home. When agents show it, if there's interest, they can take a copy with them.However, to protect yourself and your seller, you should require that you have a copy of the form signed and date/time stamped BEFORE the date and time on the purchase contract before you present it to your seller. Do not bind the buyers without meeting these requirements. An incomplete form or form with errors does not meet requirements either. 5. Get it Right to Avoid These PenaltiesEach violation can be subject to a civil penalty of up to $10,000. Just think if you had a missing check mark or signature AND you delivered it after the buyers were bound to the contract. That's $20,000 right there.It's worse yet if it's determined that you "knowingly or willfully" violated the regulations. That's criminal and could result in $10,000/day of violation and/or one year in prison. THEN, if the buyers sue and win, violators could be subject to pay three times the damages suffered. Read more here. Suggested ReadingBroker to BrokerReal Estate Office ManagementThe Digital Paper Trail |
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