Mr. Fluffy Asbestos Disclosure Burdens Real Estate Agents

The ongoing Mr. Fluffy asbestos insulation debacle in Australia is placing a heavy burden on unprepared real estate agents who must disclose if the homes they sell contain the deadly substance. Real estate agents in the Australian Capital Territory (ACT), where more than 1,000 homes in Canberra were identified to contain asbestos, are obligated by law to disclose the presence of asbestos or face fines of $1 million or more. But in New South Wales (NSW), where more than a dozen homes showed asbestos contamination, officials say real estate agents and property managers have no clear guidelines. Thousands more homes may be affected. Real Estate Institute of New South Wales (REINSW) president Malcolm Gunning said the government "has been caught on the back foot." "Our concern is that real estate agents generally are not equipped because they're not building experts," Gunning said. "We require some sort of guidelines. We can then train our members up." However, Gunning's real estate group and several NSW government branches, including workplace safety and consumer protection agencies, are working together to educate real estate professionals about asbestos disclosure in their clients' homes. Asbestos Requirements for Real Estate Agents If an asbestos assessment and property report reveals the presence of asbestos, real estate agents must disclose this information to all potential buyers and tenants. In every initial property inspection report, agents must disclose: The age of t...
Source: Asbestos and Mesothelioma News - Category: Environmental Health Authors: Tags: Legislation, Laws & Litigation Source Type: news