There is fungus among us and today I am going to help you know what to do about it.
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Today I want to talk about a very common topic—the law, mold, and the fungus among us. How does mold actually factor into a real estate transaction?
Mold is a fungus that is found everywhere, both indoors and outdoors. It appears as a woolly growth on damp surfaces and decaying organic material. There are some types, such as Aspergillus and Stachybotrys, that are known to produce potent toxins under certain circumstances, but overall, most kinds of mold you'll findare harmless.
Toxic mold has unquestionably become the “disclosure du jour” in real estate, and it's an issue that plagues agents for several reasons.
First, modern building practices provide a conducive environment in which mold can grow and thrive. Public awareness also plays a big role—since many more people now know about toxic mold, mold-related lawsuits have increased, with several ending in multi-million dollar judgments.
Mold has unquestionably become the “disclosure du jour” in real estate today.
A court in Texas, for example, awarded a family $32 million from their insurance company because of an alleged mold exposure. The verdict included payments for property damage, mental anguish, punitive damages, and legal fees. With large settlements like that, you can be assured that mold lawsuits are here to stay.
There are three key points about mold liability that agents should understand. First, you should know that as a real estate professional, you do not need to become a mold expert. Though they're both large and high-profile, these large settlements do not change what you are responsible for disclosing. There are some basic strategies you can use to educate yourself on how to address this ever-growing issue.
If you have any questions about mold or need help seeking a mold professional, please let us know how we can help you. We look forward to your calls soon.
