Deliver the Seller’s Lead Hazard Disclosure to Buyer Before Acceptance…no exception. No Workaround.

Expediency, convenience, desire to get an accepted offer before someone else does, aren’t permitted exceptions.

Prior to acceptance┬áis never interpreted to mean “or within X days after acceptance”. In the case of the Federal Lead Paint Hazard disclosure rules, there is no work-around. Prior to acceptance is not, “…within (any time or days) after acceptance”. Expediency, convenience, or a desire to get an offer accepted before someone else does, aren’t exceptions to the rule. If your firm has a work-around, your participation is ill-advised.

A policy does not need to be in writing to be a policy. Evidence of practice repeated, known, and unaddressed might be enough to determine a firm has a policy of violating LBP disclosure law. Penalties levied by HUD for lead hazard disclosure failures are significant and increase when children are involved. When the failure to properly disclose is a standard practice permitted by the firm in special circumstances, the consequences could be dire. Your broker’s willingness to bypass the law doesn’t grant you a free pass to participate risk-free.  

For some people skipping the “prior to” and risking the penalty may be less painful than the reward of a statistic and a few dollars more is gratifying. For the rest of us doing the right thing because it’s good for the client, and in compliance with the law is always the better choice. Even if the pay-off is just a better night’s sleep. 

Author: Tom Meyer, Owner-Broker, Essential Real Estate, LLC Madison, WI

The real estate transaction, disclosure, and confidentiality are the business of a Wisconsin licensee. It's in the transaction where the skill of the licensee, and their commitment to the law where the public is protected or placed at risk. What you see REALTORS do to brand themselves and their firms, promote their service, advertise, and process paper do not require a license. I believe negotiations to create and honor a real estate purchase agreement is where the agent has the greatest value in a transaction. Paying professional fee rates for the administrative services is a choice consumers deserve. Old business model driven commission rates are taxing the home equity of American home sellers. Essential Real Estate was created to put more money in the hands of the consumer by eliminating expenses for the firm and charging a fair price for the real real estate service.

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