What You Should Know When Selling a Home with Mold
Selling your home is a big decision and among the many things you will consider, make sure mold growth is one of them. This is because if the house you wish to sell has a problem of mold you are legally bound to inform the prospective buyer or the appraiser /real estate agent.
Mold has been known to cause many health issues so there are both health and legal issues to consider before selling a home with mold.
As a seller you need to know the risks of selling a home with mold, the potential health hazards it could pose to those buying your home as well as the laws which offer some amount of protection to buyers. Selling a House with Mold Problems image by carlpenergy
About Mold
Mold is classified as a fungus and can be of any shape. It can look green, white gray or even black. Some molds can be seen while some are tough to spot as they are present in areas that are difficult to spot – for instance attics and basements. Mold can also grow between walls. Mold is usually present and can grow in damp and moist places around leaking pipes, roofs and windows. Mold spores can multiply even in tightly sealed buildings and in homes with improper ventilation. Mold can cause health problems even though most molds are not severely toxic. Yet, there have been instances where a few types of mold can produce mycotoxins that can cause severe allergic reactions. Those suffering from asthma and lung diseases besides infants and elderly are more vulnerable to toxic mold.
Legal Aspects in Selling Homes with Mold
As a seller of a home with mold you should be aware of the laws that pertain to your state as the laws are different in each state. Ideally, knowledge of rules as well as exceptions which can be applied in particular circumstances is good to know. It is also better for you to consult a licensed attorney in your state who will be in a position to give you the exact legal picture. Usually, when you are selling your home, the law in most states expects the seller to divulge information about the presence of mold in the house, even if it was in the past. In case the seller is ignorant about the problem of mold, then there is no reason to divulge. Essentially, the law expects honesty on the part of the seller to disclose the information about presence of mold in the house, more so if the owner is aware of it. If prospective sellers are aware of the presence of mold but do not disclose it, they could end up coughing up costs associated to mold clean up. The same information about mold can also be divulged by the real estate agent or appraiser to prospective buyers. Alternatively, if you have concerns about mold but are not sure and you want to put an offer on your home, you could ask your legal advisor to include a contingency clause in the offer which would express that the “offer is dependent on the home testing negative for the presence of mold”.
Dealing with the mold
In case you are planning to sell a property which is infested with mold, it is better to take help of a mold remediation company and get rid of it even before you put the property on sale. In case the property managers find your property having mold they would avoid considering it for sale and even if they do get buyers you would be expected to bring down the price drastically. So before you put your house on sale, make a careful assessment for mold. If there are leakages or moisture penetration get the faults repaired as this could make your property at risk of mold growth and prospective buyers are likely to take note of it. Document all the repairs and get an official inspection done afterwards to prove that all probable risks have been mitigated. However, if even after taking all efforts test show that some molds still exists but the levels are low and under safe limits, do not worry. You are likely to find a buyer. Just inform the buyer about the situation, negotiate slightly and enjoy peace of min
How to know if the house you are buying has mold
There are some tell tale signs or indications about the possibility of mold in a home so it is good to check out for these indications.
1. Stagnant water
2. Musty odor Stains on ceilings, and walls
3. Check for presence of mold under sinks, in basements and behind toilets.
Alternatively you could hire the services of a professional who is certified in mold testing to check for signs of mold in the home you intend to buy.
The prospective buyer can ask the homeowner about any flooding or pipe burst incidents in the past as such events could lead to formation of mold. And, the homeowner is obligated to answer this honestly and truthfully.
This entry was posted in Selling a House and tagged Home with Mold,
Mold has been known to cause many health issues so there are both health and legal issues to consider before selling a home with mold.
As a seller you need to know the risks of selling a home with mold, the potential health hazards it could pose to those buying your home as well as the laws which offer some amount of protection to buyers. Selling a House with Mold Problems image by carlpenergy
About Mold
Mold is classified as a fungus and can be of any shape. It can look green, white gray or even black. Some molds can be seen while some are tough to spot as they are present in areas that are difficult to spot – for instance attics and basements. Mold can also grow between walls. Mold is usually present and can grow in damp and moist places around leaking pipes, roofs and windows. Mold spores can multiply even in tightly sealed buildings and in homes with improper ventilation. Mold can cause health problems even though most molds are not severely toxic. Yet, there have been instances where a few types of mold can produce mycotoxins that can cause severe allergic reactions. Those suffering from asthma and lung diseases besides infants and elderly are more vulnerable to toxic mold.
Legal Aspects in Selling Homes with Mold
As a seller of a home with mold you should be aware of the laws that pertain to your state as the laws are different in each state. Ideally, knowledge of rules as well as exceptions which can be applied in particular circumstances is good to know. It is also better for you to consult a licensed attorney in your state who will be in a position to give you the exact legal picture. Usually, when you are selling your home, the law in most states expects the seller to divulge information about the presence of mold in the house, even if it was in the past. In case the seller is ignorant about the problem of mold, then there is no reason to divulge. Essentially, the law expects honesty on the part of the seller to disclose the information about presence of mold in the house, more so if the owner is aware of it. If prospective sellers are aware of the presence of mold but do not disclose it, they could end up coughing up costs associated to mold clean up. The same information about mold can also be divulged by the real estate agent or appraiser to prospective buyers. Alternatively, if you have concerns about mold but are not sure and you want to put an offer on your home, you could ask your legal advisor to include a contingency clause in the offer which would express that the “offer is dependent on the home testing negative for the presence of mold”.
Dealing with the mold
In case you are planning to sell a property which is infested with mold, it is better to take help of a mold remediation company and get rid of it even before you put the property on sale. In case the property managers find your property having mold they would avoid considering it for sale and even if they do get buyers you would be expected to bring down the price drastically. So before you put your house on sale, make a careful assessment for mold. If there are leakages or moisture penetration get the faults repaired as this could make your property at risk of mold growth and prospective buyers are likely to take note of it. Document all the repairs and get an official inspection done afterwards to prove that all probable risks have been mitigated. However, if even after taking all efforts test show that some molds still exists but the levels are low and under safe limits, do not worry. You are likely to find a buyer. Just inform the buyer about the situation, negotiate slightly and enjoy peace of min
How to know if the house you are buying has mold
There are some tell tale signs or indications about the possibility of mold in a home so it is good to check out for these indications.
1. Stagnant water
2. Musty odor Stains on ceilings, and walls
3. Check for presence of mold under sinks, in basements and behind toilets.
Alternatively you could hire the services of a professional who is certified in mold testing to check for signs of mold in the home you intend to buy.
The prospective buyer can ask the homeowner about any flooding or pipe burst incidents in the past as such events could lead to formation of mold. And, the homeowner is obligated to answer this honestly and truthfully.
This entry was posted in Selling a House and tagged Home with Mold,
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