Posted by River City on April 15, 2005 at 08:31:52:
You might want to do a Google search for asbestos before jumping into this.
Asbestos Siding - Liability? - Posted by Brian
Posted by Brian on April 14, 2005 at 23:50:58:
I’m considering entering a purchase agreement on a property that has asbestos siding. There is nice equity in this property and I plan to rent it. However I don’t want to walk into a law suit waiting to happen. The asbestos siding has two small patched up areas but seems to be in good shape around the rest of the house.
Can a tenant sue me for asbestos exposure? Is this something I should be concerned about? Can the lease agreement disclose the asbestos and indemnify me from any liability?
Also I plan to deed the property to my LLC. Will the LLC provide protection against this?
Any advice would be appreciated.
Brian
Re: Asbestos Siding - Liability? - Posted by Jimmy
Posted by Jimmy on April 17, 2005 at 11:45:04:
I looked into this a few years back for a property in TX. It was my understanding (at that time) that asbestos siding is not a big deal. You can leave it in place, cover it up, or remove it and replace it. It was not considered to be a hazardous material. and it was not necessary to have a licensed abatement firm handle it.
This would be very different if we were talking about asbestos floor tiles or ceiling tiles, or other asbestos surfaces.
CAVEAT: the rules may be different now. talk to an asbestos abatement firm in your area. a reputable licensee will know the rules and tell you your options