Real estate agents in the Australian Capital Territory are obligated by law to disclose the presence of asbestos in property or they may face fines of $1 million plus - however their NSW counterparts have no clear guidelines.
More than a dozen homes have now been discovered to have shown asbestos contamination and thousands more homes may be affected - but are you at risk when you purchase a property?
President of Real Estate Institute of New South Wales (REINSW) Malcolm Gunning said:
”Our concern is that real estate agents generally are not equipped because they're not building experts.We require some sort of guidelines. We can then train our members up.”
What do real estate agents need to disclose when you buy a property?
If an asbestos assessment has been carried out on the property you are looking to purchase and the property report shows the presence of asbestos, the real estate agent selling the property must disclose this information to all potential buyers or tenants. Furthermore, every initial property inspection report must disclose:
- How old the property is
- Whether the current tenant or homeowner is aware of any asbestos on the property
- Any asbestos assessment reports for the property
- Whether tenant or homeowner has knowledge of the property being part of the ‘’ loose-fill asbestos ACT clean-up program which took place between 1988 and 1993
Furthermore, any documents relating to asbestos on the property should be included in the property’s building file and in the contract of sale.
Our skilled solicitors will be able to advise you if you are concerned about asbestos on your property or a property you are looking to buy - contact us today.
Contact Us
If you are thinking about buying a property or for any other matters relating to property transactions or property disputes, contact Szabo & Associates Solicitors today. At Szabo & Associates Solicitors we can advise on all aspects of property law. Call us on (02) 9281-5088 or fill in the contact form to the right of this page.