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| TIPS FOR SELLER AND BUYERS BEFORE PROPERTY TRANSFER |
| Legal Tip: It is shocking that MANY BUYERS are closing on property without having it inspected for mold even after the home inspector indicates a mold presence in the report (home inspector is now off the hook) and the new owner then finds out a few weeks later there is a major mold problem (one in Sparta, NJ recently cost over $23,000.00 in repairs) that the new owner is now responsible for. If a mold has been noted prior to closing you MUST protect your future interest by inspecting NOW- once you own the property you almost will always own the problem since you have accepted it via disclosure. |
SELLER
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BROKER/SALES TIP |
BUYERS
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| The Answer:Depends upon the circumstances of the inspection request. The property inspection should be paid by the owner if mold growth is noted since it is to the benefit of the owner if they sell or not. If there is no basis other than satisfying buyer's curiosity or some other |
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interest then the buyer should pay. If a mold is found the seller should pay. Most inspections cost less than 1/10 of one percent of the value of the property . It is an excellent value considering the amount of damage it could potentially uncover. |
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MOLD MUST BE DISCOVERED BEFORE PURCHASE If you purchase a property and you find mold a few months later that may have been there at the time of buying you may suffer a tremendous loss by not being able to make a claim because it can be said that the mold was established since the purchase - we have seen this happen often. Have the property competently inspected before closing and get a certified report in writing. A fungal mold mycologist professional must be consulted . In all cases if you find a mold shortly after you acquire the property you must IMMEDIATELY have it professionally inspected by a certified inspector and mycologist to establish your case. The inspector will DOCUMENT the damage and presence of the mold infestation for legal or insurance purposes. BUT this must be done immediately - the longer you wait the more the liability transfers to you - the new property owner. DO NOT attempt or begin any repair until it has been fully documented by fungal mold mycologist inspector. WHAT TO DO AFTER THE SALE AND MOLD PROBLEMS ARE DISCOVERED? Estimates are as high as 10% of all properties have a mold associated problem. Most often mold is innocently overlooked, ignored or just not identified even during the course of a general home inspection. Obtain a qualified opinion letter from our medical mycologist/legal investigator to determine if the mold was concealed, covered-up or otherwise hidden from you by the seller. |
LET OUR CERTIFIED EXPERIENCED MYCOLOGISTS AND MOLD INVESTIGATORS ELIMINATE THE LEGAL PITFALLS AND LIABILITIES ASSOCIATED WITH PROPERTY TRANSFERS. CALL FOR A FREE CONSULTATION. WE HAVE A CERTIFIED LEGAL STAFF.