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Updated over 3 years ago, 06/20/2021

User Stats

45
Posts
5
Votes
Tinah Canda
  • Shrewsbury, MA
5
Votes |
45
Posts

Purchasing property with uncertain lead status

Tinah Canda
  • Shrewsbury, MA
Posted

Hi BP community, my name is Tinah - a brand new real estate investor and I am in a bit of pickle - need guidance.

I signed a P&S agreement on a property and later realized that by law the lead disclosure on lease did not cover the infant living in the unit. No child under six is allowed to live in apartment without deleading certificate.

Discussed this with my realtor and lawyer, both downplayed the potential hazard and legal liability of possible lead in the property. Both are of the opinion that I have buyer's remorse.

Unsure how to proceed - should I cut my losses now or proceed with transaction and delead after closing and set up an LLC?

Don't know if I should trust my realtor and lawyer.

Would appreciate your experience and knowledge. Thank you.

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