Guess Your Lead Paint Fine!

Do you get upset if someone asks you to correct a lead paint form? No, say THANK YOU instead! If your records are audited, be prepared for a $10,000 fine for EACH mistake on the form. Several years ago a Massachusetts real estate firm received a $240,000 fine after inspectors audited their lead paint forms. The fines included: missing agent initials, reports not circled/checked, (f) not initialed, the choice of inspection waiver and dates that didn’t come before the completed purchase contract.  So consider this…

Buyers Bob and Brenda and Seller Stan executed a P&S on 1/1/21. The Buyer Agent took the lead paint from from the MLS documents and completed it. The seller did not know anything about lead paint in the home and the P&S did not have changes to the standard language other than completing the blanks.  

YOU BE THE JUDGE: See if you can spot the errors. Each error = a potential $10,000 fine … so what would the brokerage fine be if you worked for the Childhood Lead Paint Prevention Program?    Click here for 4 form samples for the above transactionAfter you’ve found the errors, here is a video explanation for review: