Updated over 8 years ago on . Most recent reply
Failure to disclose lead based paint (Texas)
The seller signed the resale contract 10/30/2017 and I deposited the earnest money 10/30/2017 so everything is currently in motion. The issue I have is that the broker has sent a lead-based paint hazard document (10/31/2017) for me to sign, and I also discovered on my own that the property will be taxed in two separate counties as opposed to the one county the agent-provided information on which made the property attractive in the first place. With this newly discovered information, the numbers no longer work and I would like to walk away from the deal altogether.
Before seeking legal advice from an attorney I wanted to reach out on BP and see what y'all thoughts were.
Most Popular Reply
1. The broker is wrong, yet again. Hopefully this is not the same broker who has consistently given you poor advice. Regardless, the broker needs to read the regulation. The statutory language must be included in the contract itself, or attached to the contract. The SDN will not suffice and I am confident the language is not contained in the SDN anyway. NOTE: A failure to provide the notice does not give you a right, contractually or statutorily, to terminate the contract. Your only option is to report it to EPA / HUD.
2. Since you're using financing, review the third party financing addendum regarding the number of days you're allowed to provide written notice if you can't get financing.
3. Para. 6(D) may also provide a termination point but you won't know until you receive the commitment.
There may be other termination points too but no way to know for sure without additional details.
Best of luck.