It has been some time since I have gone over risk management aspects. Today, I am reminding you all that when you are dealing with Buyers, even if you are not sure where they are looking for real estate, you need to have them sign that they have received the Lead Based Paint brochure. That way, you are covered if they are looking at pre-1978 real estate. The brochure is available online in Forms Simplicity, but no where in the brochure does it have a place that the Buyer signs to say they received it. So you need to have a simple receipt letter that they sign and date to verify they received.
As long as I am on Lead Based Paint, remember that if you are the listing agent that the Seller needs to sign and date if they have any knowledge of lead based paint. Very Important: Seller ‘s signature and date MUST be dated BEFORE the Buyer’s DATE and signature. If it is the other way around, your company and possibly you may be fined as the federal government is constantly auditing files in different companies for this very discrepancy and the fines are substantial. For your convenience, click here for more info including the Disclosure Brochure in languages: The Lead Disclosure Rule
Until next week, let’s be good to each other!