A 2015 amendment to the legislation governing the sale and leasing of residential property has made any property that’s tested positive for, or even suspected to contain, loose-fill asbestos insulation (LFAI) a “material fact” that real estate agents must disclose to potential buyers and tenants [How Loose-Fill Asbestos Insulation Could Destroy Your Property’s Value].
There are two common ways to buy property: by private treaty or at auction. Both involve making an offer of sorts to the vendor, which is ultimately accepted or declined. This post is going to assume you’ve made an offer for a property, either at auction where it’s been the winning bid or on a private treaty sale and it’s been accepted. Now what? Continue reading “Offer and Acceptance”
Loose-fill asbestos insulation (LFAI) is raw, crushed asbestos that was installed as ceiling insulation during the 1960s and 70s by a number of Canberra-based companies collectively known as Mr Fluffy. About 1,000 homes in the Australian Capital Territory and New South Wales are believed to be affected, with the majority concentrated in the ACT area.
However, the companies are also believed to have sold sacks of asbestos fibre insulation to homeowners directly for DIY insulation installations.