If you are selling an old property that was built before the 90s, there is a high chance that the building contains asbestos. Asbestos was used in building materials such as insulation, flooring and wall tiles, siding, door gaskets and roofing materials. Builders preferred it due to its impressive fire-resistant properties. Unfortunately, the government banned it because it was associated with respiratory complications, including mesothelioma and asbestosis. When you are selling a property that contains asbestos, it is critical that you take the following measures to avoid adverse legal implications after the sale.
Disclose the presence of asbestos
Do not close a sale without informing the buyer that the building has asbestos. In most cases, a building inspection would unearth the presence of the compound in building materials. However, this would put you in the spotlight if you hadn't informed the buyer. Let the buyer know that the house has asbestos as you disclose other issues about the property's structure. It will be up to the buyer to decide whether they will proceed with the sale or find another house. If they like the home, they can consider hiring asbestos services to take abatement steps to avoid the risk of exposure to the hazardous material.
Get professional advice
Asbestos is a dangerous material which can cause severe health complications. It is only fair that you consult with an expert before selling the property to an unknowing buyer. An asbestos expert will recommend whether to remove the asbestos or leave it undisturbed. If the fibres are still intact, the inspector can suggest that you leave them as they are. However, you would have to inform the buyer not to disturb the asbestos when carrying out remodelling or renovation projects. On the other hand, if the fibres are loose, it may be a good idea to remove the asbestos before selling the property.
Prepare for price negotiations
The presence of asbestos in your property could cause the price of the building to go down. If you sell without removing it, the buyer may ask for a lower price so that they can cover the cost of asbestos removal. Prepare for such changes in the sale price of your property and be open to negotiations. Remember, the thought of buying property that has asbestos will cause anxiety in most people. If you find a willing buyer, don't shy away from lowering the price a little.
Follow these tips when selling a property with asbestos. Seek professional advice before listing the property so that you can learn and weigh your options.
Share2 March 2018
Buying real estate can be complicated, and that's especially true if you are preparing to buy your first property. Whether you are buying your first home or your first investment property, you probably have a lot of questions along the way, and this blog is designed to help. If you need tips about hiring the right agent, deciding which property is the best, applying for loans or anything else, you have come to the right place. I plan to include posts like that as well as many similar topics. I am glad you find this blog, and thank you for reading. Good luck on your real estate buying experience.