Toronto foreclosed properties and lead, asbestos and mold

Foreclosed properties are often seen as great investments or cheap first homes, but in many cases they may have been hastily prepared for sale, leaving them at risk of containing mold, asbestos or lead.

A quick online search reveals thousands of websites and many in the Greater Toronto Area that are begging to offer you a deal on a foreclosed home, sometimes known as a power of sale home. In the case of power of sale homes, the bank is the one selling the home.

More often than not, these homes come with lengthy sales agreements that include several clauses, usually the most poignant being that you accept the home “as is”. Lead and asbestos may be common problems in older homes due to their use in paint and residential building materials decades ago. More importantly, if these “as is” homes require any remodeling or renovation work, this work will disturb both lead and asbestos and create a health risk as these materials will go airborne and be inhaled.

**In any home built before the 1980s, a lead inspection and asbestos inspection should be completed before moving in**

Mold can be found in any home regardless of age, but it is more likely to be present in homes that have suffered flooding, other forms of neglect and disrepair or water damage.

A distressed property is a home that has not been repossessed due to the previous owner defaulting on their mortgage, but that has suffered extreme neglect, unsanitary conditions or hoarding behaviour. In the case of distressed property, mold is a common problem and if you have any information that may suggest the home is a distressed property, a mold inspection is necessary. When purchasing a home, do not hesitate to make your offer on the home conditional on whether you are satisfied with a mold inspection, lead inspection and asbestos inspection beforehand.

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