Discovery of Asbestos in Real Estate Transaction. What to Do?

You’re in the midst of a real estate transaction, excited about finding your new home or selling your property and moving on to the next chapter. But then, during a pre-purchase or pre-sale inspection, your inspector suspects the presence of asbestos. Don’t panic! We’ll navigate these murky waters together and guide you through the steps to take.

1. 1. Asbestos Testing:

      During the pre-purchase or pre-sale inspection of your real estate transaction, your inspector suspects the presence of asbestos. It’s time to take action! Asbestos, that sneaky mineral hiding in building materials, isn’t visible to the naked eye. The only reliable way to confirm its presence is to contact a specialized laboratory to test the suspicious samples. This is a crucial step to know for sure what you’re dealing with, and the bank will require testing as a condition for issuing a loan.

   2. Requesting a Quote:

      While waiting for the asbestos test results, it’s wise to start seeking a quote from a reputable contractor specializing in asbestos removal. Don’t waste time! The real estate transaction process moves quickly, and it’s important to meet deadlines. Even if the presence of asbestos hasn’t been confirmed yet, it’s better to be prepared in advance.

   3. Sharing the Work:

      

      If the tests reveal the presence of asbestos, the big question arises: who should handle the work during a real estate transaction, the buyer or the seller? Financial institutions and even insurance companies will likely require one of the parties to take the initiative to ensure effective and safe asbestos removal. While it is more common for either the buyer or the seller to cover the full costs, there are cases where the expenses are shared between both parties.

      For example, if asbestos-contaminated vermiculite is found in the attic, one party could take care of the vermiculite removal, while the other handles the process of attic insulation with a specialized company. What a great collaboration! At the end of the real estate transaction, the buyer will benefit from new insulation that meets today’s standards, which is rare when purchasing a pre-owned property.

      If other materials in the house contain asbestos, why not take an equally proactive approach during your real estate transaction? One party can fund the demolition work with a company specializing in asbestos removal, which will take all necessary precautions, while the other handles the payments related to the reconstruction. A dream team, ready to turn this situation into an opportunity for a safer and healthier home!

   4. The Notary:

      Did you know that a good notary can ensure that the funds given to the buyers are actually used for the necessary work? Yes, indeed! They can even help reduce costs if credits are available for the project or reduce your risks in case of unforeseen issues. It’s an extra layer of security for you during the real estate transaction! However, it is crucial that your sales contract is clear and very specific about the start and end of your responsibilities.

      The notary acts as an impartial arbiter in real estate transactions, ensuring that all steps are carried out according to the established rules between the seller and the buyer. Looking for an excellent notary in your area? Visit the Chambre des notaires du Québec now and find the professional you need to guide you with confidence!

   5. Safety Protocol:

      

      It is imperative that the company chosen to carry out the work takes all required safety measures. This includes setting up a safety perimeter and using fans equipped with HEPA filters to prevent the spread of asbestos particles. This is serious business, and it’s all for your safety!

      And that’s not all! After the work is completed, an air quality test is essential to ensure that everything has been done properly and that no asbestos fibers are present. This test is not only crucial for your peace of mind but also a major asset if you plan to sell your home. It proves that the work was carried out following the strictest safety protocols, providing you with a safer and healthier home. Without this test, financial institutions or insurers might require additional checks when you sell the property. So, it’s best to be prepared and demonstrate that everything was done with the utmost care during your real estate transaction!

In conclusion, discovering asbestos during a real estate transaction may seem like a major challenge, but with the right steps and the right professionals by your side, you can overcome this hurdle successfully. Be sure to get a quote from asbestos removal experts by calling 438-800-2046. Stay informed, responsive, and confident, and everything will go smoothly!