A buyer's agent represents clients purchasing a pre-1978 home. The sellers have provided the required lead-based paint disclosure and EPA pamphlet. The buyers have been informed of their right to a 10-day lead inspection period. How should the agent advise the buyers regarding this inspection period?
Correct Answer
A) The buyers may waive the inspection period in writing and proceed with the transaction
Under the Residential Lead-Based Paint Hazard Reduction Act (42 USC § 4852d) and HUD/EPA regulations (24 CFR Part 35, 40 CFR Part 745), buyers of pre-1978 housing must be given a 10-day opportunity to conduct a lead-based paint inspection. However, the regulations expressly permit buyers to waive this opportunity in writing. A signed written waiver allows the transaction to proceed without waiting for the 10-day period to expire.
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