Can You Sell a House With Asbestos in Canada?
Yes, a house containing asbestos can be sold in Canada, but it is worth understanding the potential legal and financial implications. Most homeowners will opt for a service like asbestos removal in Barrie to increase the appeal and value of their home, also avoiding potential sales issues. Knowing how much asbestos removal costs are can also help you make an informed decision about whether to remediate before putting your house on the market.
What Are the Rules for Selling a House With Asbestos?
Selling a house with asbestos falls under Canadian law, which requires sellers to disclose the house's status. Disclosures are provincially specific but generally include:
- Full Disclosure: If you know there is asbestos, you are required to make a disclosure to the purchasers.
- Property Inspections: Homebuyers can request home inspections, which may lead to the detection of asbestos, prompting negotiations or requests for its removal.
- Potential Impact on Sale Price: Asbestos may reduce the market value of your home or extend the sale duration.
How Could Asbestos Affect the Sale of the Home?
Asbestos could complicate the sale or prolong it in the following ways:
- Buyer Resistance: Buyers can be apprehensive or want lower prices.
- Mortgage Challenges: Some lenders may not provide mortgages for properties with asbestos unless the asbestos is professionally removed.
- Legal Liability: Failure to disclose asbestos may expose sellers to lawsuits even after the sale is finalized.
What Steps Should You Take Before Listing a House With Asbestos?
To help facilitate an easier sale:
- Hire a Professional Inspection: Confirm the existence, location, and condition of asbestos.
- Consult a Lawyer for Legal Advice: Find out about your specific disclosure obligations.
- Consider Remediation: In some cases, pre-listing asbestos removal can lead to a quicker and more profitable sale.
Need Help With Asbestos Removal?
If you're preparing to sell a home with asbestos, Canada's Restoration Services is here to help! Our professional team provides certified asbestos inspection, testing, and removal services across Canada, making your home safer and more desirable to potential buyers. Contact Canada's Restoration Services now for a consultation and sell your home successfully!
