Should You Buy A House That May Have Mold In It?
Posted on: 23 October 2017
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Mold is something that can be hiding in any house, and it is often hard to know if it is there. When you are shopping for a house and find one you like, you might not know what to do if you think the house may contain mold. If you are in this position, here are some things you should know about this.
Read the Full-Disclosure Form
When a person sells his or her home, the person must fill out a full-disclosure form. If the seller knows that the house has mold or suspects it may, he or she is legally required to include this information on the form. Unfortunately, many sellers inadvertently omit this detail, because they know it could prevent a sale from going through.
As a buyer, you should read over this form, though, to see if the seller disclosed any information about mold.
Add a Mold Contingency
If nothing is listed on the form but you suspect there may be mold, you should include a mold contingency on your purchase offer if you decide to buy the house. With this contingency, you have the right to have the home inspected by a company that specializes in detecting mold. If the inspector detects mold, the contingency on your offer will require the seller to do something to make it right.
This might include lowering the price of the home to give you extra money to treat and remedy the problem, or it might involve the seller paying for mold remediation. Mold remediation is very costly, and this is one of the reasons many sellers avoid telling buyers about it. If the seller agrees to pay for this, make sure you get the information from the company that provided the service. The company may give a warranty for the mold remediation, which gives you some extra protection.
Back Out of the Deal
The other thing you could do if you suspect mold, and do not want to deal with it, is back out of the deal. Buying a house that has mold or may have mold is a risky situation to be in. Mold is toxic and could lead to health problems. Mold can easily spread, too, if it is not treated and removed.
As you look for a house to buy, you should thoroughly evaluate everything about it so you can make sure you know what you are getting. If you have questions about the home-buying process, contact a real estate agent today.