Hazards of Older Homes

Your client plans to sell their 1946 home. During the listing appointment, you notice the following issues: a strong oil smell, loose wires in the basement, condensation or mold, and potential asbestos. What should you advise your client?

 

Selling a home with hazards like oil tanks or asbestos carries significant financial risks. For instance, a 2017 real estate claim involving oil tank contamination cost $442,700. With increasing awareness of health, safety, and environmental concerns, new laws now require more disclosure and accountability from sellers, buyers, and owners.

 

Do you know your obligations when representing a seller or buyer in these situations? What steps should you take to ensure full disclosure and protect your client?

 

Learning objectives:

• Discuss essential details of the Property Disclosure Statement with buyers and or sellers
• Successfully comply with BCFSA Rule 5.13 Disclosure of Latent Defects, and applicable REALTOR® Code articles to effectively avoid key risks and liabilities
• Recognize common hazards in older homes and address them on the Listing and/or in a Contract of Purchase and Sale

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