Question:
A taped and painted asbestos wrapped duct pipe in the basement of a residential house. It appears to be a patent defect, but also a biohazard. Ought this be disclosed by the Seller and Listing agent ?
Answer:
It is not really defective unless it is disturbed in some way. If the asbestos is covered up, then it’s not an item requiring disclosure
While it would appear that the Seller and the Listing agent are “off the hook” in this situation, there is a whole new role and set of obligations imposed upon the Buyer’s agent under TRESA.
Is this a “material fact” that the Buyer would want to know about? If so, the Buyer’s agent will have to:
1) ask,
2) find out,
3) disclose to Buyer, and
4) get Buyer to sign off on the disclosure of the information.
Brian Madigan LL.B., Broker