Understanding Mould (Mold) And Selling and Buying A House - A Real Estate Problem Worth Avoiding, PART 2
The inspection identified a mould problem in my house, and I am selling my home; What should I know?
The short answer is you should take it very seriously since many health-related issues have been linked to mould. Also, the real estate industry has been increasingly growing sensitive to the issue of mould. As a seller, you have three options; fix the mould problem, list your home for sale, disclose the mould problem to the buyers, reduce the price accordingly, and finally cover up the mould problem and try to find a buyer.
In most cases, it is the seller's advantage to hire a reputable company to take care of the mould problem entirely before listing the house for sale. The reputable companies will have liability insurance and will guarantee mould removal and future prevention. Finally, you may have an inspection to have peace of mind. Besides, you can provide all the documents from mould removal and assessment to the potential buyers.
You must document every step of the cleanup, and the mould cleanup company provided you with the full and proper documents. These documents help sell your property and protect you from the buyers' legal actions after purchasing your home.
We advise this approach since we see it as a win-win scenario for the sellers and buyers. You can list your house with confidence and attract as many potential buyers. You'll likely get the best price for your home. The buyers will be comfortable with your home's purchase since they do not need to worry about mould issues. No buyer will ever buy a house with a mould problem for full price. In fact, many buyers will walk away as soon as they hear mould was discovered in a property.
There are times that the seller may decide, for any reason, not to go through mould removal. The seller will come forward with full disclosure and try to find a buyer who is willing to purchase the property the way it is. Some buyers will consider purchasing the property; however, they'll expect a significant price drop. In this situation, we advise the seller to consult his attorney for the proper paperwork to avoid any legal issues after selling the property. This scenario will save time and headache for you; however, you should expect the buyer's hard negotiation.
Here is a scenario we do not advise; to cover up the mould issue and hope it will be someone else's problem. A few coats of painting over the black mould will not stop the mould from coming back. An inspection will reveal the history of the house's mould growth and shed light on an ugly truth.
Discuss the issue with your trusted real estate agent about the legal requirement to disclose any known history of mould and fungi to the buyers. Remember that your real estate agent is obligated to disclose known material defects to potential future buyers.
Mould is a severe health risk for infants, seniors, and people with a compromised immune system; cover-up may affect someone in the future. Once the buyer discovers the mould problem, they will most likely serve you with a lawsuit. Not many people are comfortable with legal matters, the stress, anxiety, expenses associated with hiring a lawyer, and the time, especially if the odds do not favour you.
Take the bull by the horns, and address the issue. You'll have peace of mind and sell your house knowing you'll not have a problem in future.
I am buying a fully renovated house, do I need to worry about mould?
The short answer is yes; you should always worry about the mould problem. I do not mean to scare you from purchasing your dream home, instead make a point that you still need to be vigilant. We advise a full inspection and testing for renovated properties, particularly properties purchased for renovation and sale (flipped homes). It would be best if you were cautious about older homes with finished basements.
Even new homes are susceptible to mould growth. Recent buildings focus on tightly sealed buildings, reducing airflow into the house. If proper air circulation, ventilation and exhaust fans are not in place, moisture with the house promotes mould growth.
In summary, mould makes people sick and brings destruction to properties; the sellers and buyers should always be vigilant about the silent, slow-growing, and dangerous enemy.
Understanding Mould (Mold) And Selling and Buying A House - A Real Estate Problem Worth Avoiding PART 1
The above Real Estate article was provided by David Khosravi, a leader in his field in Willowdale, North York, Toronto. Reach out to David via email: email@example.com or by phone: 416.990.2424