The bill would require federal housing and environmental agencies to issue rules within two years of enactment for homes built before 2019 that are offered for sale or rent. Before a buyer or renter is bound by a contract, the seller or landlord would have to disclose known asbestos and known asbestos hazards, and provide any available hazard reports. Buyers and renters would get 10 days to arrange an inspection or risk assessment, unless they agree to a different period. Contracts would include a warning about asbestos risks and a signed statement that the buyer or renter read it and had the inspection opportunity. Real estate agents working for sellers or landlords would have to help ensure compliance. The bill allows penalties and civil claims for knowing violations.
If you buy or rent a covered home, you would receive information about known asbestos hazards and available reports before becoming bound by the contract. You would also have an opportunity to arrange an inspection or risk assessment. The bill does not require the seller or landlord to arrange or pay for one.
The bill authorizes Congress to provide whatever funding is needed to carry it out, but does not specify an amount. No publicly available information about inspection costs is provided in the bill text.
No publicly available information.
No publicly available information.