Whether you are buying or selling real estate, it is critical that you have the property inspected and that you disclose any issues that are required by law to disclose. For example, you may be legally required to disclose lead, asbestos or other toxins in the home. Failure to do these things can result in fines or other issues. However, it isn't always easy for real estate buyers and sellers to know what they need to do. Hi, my name is Mary. I have been investing in real estate since the week after I left uni. I love it, and I have learned a lot along the way. I want to help and inform others so I decided to make this blog. I hope you find it useful.
Prospective new landlords can get overwhelmed by the number of activities that need their attention when looking to invest in residential property. Examples of these activities include hiring a conveyancing solicitor, undertaking a pre-purchase building inspection and so on.
Thus, it is easy for a prospective landlord to overlook seemingly minor details such as proper documentation. This article discusses two important documents that one should ask for before asking for the titled deed from the person selling his or her (soon-to-be) previous home.
An Energy Audit Report
The energy audit report is an important document for prospective homeowners interested in moving into a more energy-efficient home.
Energy audit reports are prepared by professional electrical contractors after evaluating the condition of the house in relation to energy consumption. A typical report will information about how a house is losing energy and the exact point of energy loss (e.g. through the windows, attic etc.).
In crafting an audit report, electrical contractors will inspect the condition of electrical wires and electrical installations around the house, the condition of insulation used within the roof, thermal properties of indoor walls and so on.
Most importantly, the report will give recommendations on the kind of improvements that should be done so as to maximize energy efficiency around the residential premises.
An Asbestos Register And An Asbestos Management Plan
Asbestos is commonly found in a number of building materials (e.g. roof panels). Long-term exposure to asbestos fibres is known to cause various health complications. As such, a prospective landlord needs to ensure that they're moving into a "safe" house with respect to the presence of asbestos.
The law requires property owners to keep an updated asbestos register and an updated asbestos management plan for their property. An asbestos register contains information on the type(s) of asbestos occurring within the residential premises, the distribution of asbestos containing materials around and within the premises and the physical condition of these materials.
An asbestos management plan details the steps that have been taken and those that need to be taken to manage the risk posed by exposure to asbestos containing materials.
Asbestos registers and asbestos management plans must be updated regularly because the physical and structural condition of asbestos containing materials in a residential building keeps changing.
The information that can be obtained from an asbestos register and an asbestos management plan will determine whether asbestos removal is necessary before the house is considered fit for occupation by its new owner(s).Share
31 May 2016