Mandatory Asbestos Disclosure in Home Sales and Rentals
New rules aim to protect home buyers and renters from asbestos hazards. Sellers and lessors will be required to disclose known asbestos presence and provide risk assessment reports. Buyers and lessees will have time to conduct their own risk assessment, increasing their safety and awareness.
Key points
Mandatory disclosure of known asbestos and related hazards by sellers and lessors of residential dwellings.
Purchasers or lessees granted a 10-day period to conduct their own asbestos risk assessment or inspection.
Inclusion of an Asbestos Warning Statement in all purchase and lease contracts, informing about lung disease risks.
Monetary penalties and civil liability, including triple damages, for knowingly violating the provisions.
Status:
Expired
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