When selling asbestos-contaminated property, it’s important to consider your legal and moral obligations and the best strategy to get you the highest possible price for your property.
If you own a home built before 1990, it will likely have been constructed using asbestos cement materials, most commonly in the eaves, wall cladding and ceilings. Left undisturbed, the material poses no health threat. But when someone wants to update the home with structural renovations, the asbestos will likely be disturbed, turning it into a hazardous material.
When you sell an older-style home, the chances are high that the buyer will want to renovate the property. The unfortunate fact is that asbestos in a property will impact the property’s value. Demand is, after all, dictated by the buyer, and if the presence of asbestos puts buyers off, the property’s perceived value will drop.
Do I need to disclose asbestos when selling a property?
If you have asbestos anywhere on your property, most states and territories will require you to declare a ‘defect’ on your property, listing the presence of the asbestos. The laws differ all over Australia, so you and your conveyancer will need to discuss exactly what you need to disclose on the document of sale. Failure to comply with local property legislation could end up costing you a fortune in legal fees, which is why it is vital to choose a conveyancer local to the property you are selling.
However, whether or not you legally need to disclose asbestos when selling a property, you should consider whether you should. Legalities aside, it’s still in your best interests to be ultimately upfront with buyers about the condition of your property.
Why should I disclose asbestos when selling a property?
Gone are the days of buyer beware. Nowadays, buyers expect (quite rightly) vendors to be transparent about any issues or defects with their property. Most buyers will only place an offer that is ‘subject to building and pest inspection’, and when those inspections take place, any asbestos will be found and reported.
If you aren’t upfront buyers about the asbestos in your roof or walls, and they find out anyway, your dishonesty could leave a sour taste in their mouths. They may feel that you are trying to trick them into purchasing the property under false pretences. Furthermore, it will leave room for questions; if you didn’t disclose the asbestos problem, what else are you trying to hide? What is conveyancing you must know about it.
From the buyer’s point of view
You may be lucky and find a buyer who is not concerned with the asbestos in your property. You will still, however, appear underhanded by not disclosing it. Rather than risk losing a sale, it’s best to be honest about the asbestos in your property. What conveyancers do. There are so many things you must know
If yours is an older-style home, it will likely be in need of renovation, either to fix any structural issues or to suit modern lifestyles. Buyers who want to renovate, and particularly those with small children, will be concerned about the hazards of renovating a home with asbestos. Do you know conveyancer fees if not ask for conveyancing company
Considering that the buyer will need to remove the asbestos before they begin renovating, they may expect the sale price to reflect the extra cost of removing the hazard. It’s a good idea to have your property evaluated by a professional asbestos removalist to understand precisely how much the asbestos removal would cost. That way, you can choose to either remove it yourself or deduct this cost from the asking price so that buyers can have it done before they move in or begin renovations.
The danger of not disclosing asbestos when selling a property
You should always discuss your legal obligations with your conveyancer, ensuring that the conveyancer is local to the property so that they are familiar with local property legislation. Bear in mind; if you fail to disclose a defect in the property, it could be a costly endeavour. At a minimum, hiding the fault will come across as underhanded, potentially putting buyers off doing business with you. It could cost you the sale.
However, you could be liable for financial compensation if a buyer discovers the asbestos after the sale has been finalised, and you were legally required to do so. You may even be taken to court in such cases, meaning you will also need to pay legal fees.
Are you in the process of selling an asbestos-affected property? Property laws differ between states and territories, so you should seek the guidance of a local property conveyancer for advice about what needs to be put into sale documents. Always seek the assistance of a reliable property conveyancer. Jim’s Property Conveyancing has offices in Melbourne and Brisbane and can provide you with comprehensive advice and assistance moving through your property transaction. Contact Jim’s property conveyancing Brisbane today on 13 15 46.
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