Are there disclosure requirements that to apply to asbestos in real estate transactions?
Yes. The seller of residential real property shall provide to the purchaser a property disclosure statement containing information on the presence or prior removal of asbestos. If this information is unknown or unavailable to the seller, the seller may comply with the disclosure requirements by advising the purchaser of the fact that the information is unknown. If my client has asbestos-containing materials inside or on the outside of a residential or commercial building, are they required to remove it? No. There are no state or federal laws that require the removal of ACM from commercial or residential building. Some cities, however, do have local ordinances that require landlords to maintain asbestos in rental properties in good condition. What if my client wants the asbestos removed from the property? Any renovation or demolition activity that impacts ACM in quantities greater than 3 square or 3 linear feet is subject to the requirements of 38 M.R.S.A. Title 38 Sections 1271 to 1284
