Canadian Association of Radon Scientists and Technologists Helping Canadians Reduce Radon Risk Real Estate Toolkit www.carst.ca
Canadian Association of Radon Scientists and Technologists Helping Canadians Reduce Radon Risk Discussing Radon during Real Estate Discussions • International Picture • Recommended Options • Tools for Real Estate • www.carst.ca
Canadian Association of Radon Scientists and Technologists Helping Canadians Reduce Radon Risk Homeowners tru rust their ir Real • Est state agent Homeowners are re attentive • Homeowners are re prio rioritizing their ir • sp spending Our message: Radon is an important consideration when purchasing a house. www.carst.ca
Homebuyers trust their real estate agent. Real estate agents must have accurate information in order to guide their clients.
Prioritizing Homeowner Expenses Roof – 10 years old: $5 000+ High Efficiency Gas Furnace- 3 years old: $3 000 Older Windows: $10 000+ to replace Pool maintenance – $500 annual maintenance Hot Water Tank – 8 years old: $800 to fix
Roof – 10 years old: $5 000+ Prioritizing Homeowner Expenses - Lower priority/5 more years High Efficiency Gas Furnace: 3 years old: $3 000 - Low priority/many more years RADON Older Windows - $10 000 to - Test when we replace move in - Medium priority: but not a health - $3500 to fix concern - Health Concern Pool - $500 maintenance per = High Priority year Hot Water Tank – 8 years old; $800 to fix - High priority/needs fixing,
UK: (affected areas – high radon areas) Sweden: ask for a long term radon • Ask for a long term radon test report test report (current within 5 years) • If no report; discuss a retention with your lawyer • If no report, install a long term test after sale with a clause I the sales contract • Occasionally there will be a short-term indicator test prior to sale; followed by a long-term test after sale US: Norway: ask for a long term • Short Term Tests; 48 hrs radon test report (2 months • Real Estate Testing is duration between October mandatory in some and March). states
Option B Option C Option A Sell – Test - Fix Radon Indicator/Assessment Test – Fix - Sell Real Estate options for Canada…
Option A Advantages: Disadvantages: Test – Fix - Sell • Return on Investment may • Proactive be low until buyers realize the prevalence and issues • Provide a healthy with radon house for all future owners • Current buyers may not differentiate between a • Seller peace of mind mitigated and non- mitigated home Option A
Option B Advantages: Disadvantages: Sell – Test - Fix • People living in and • Buyers may want a investing in the house reduction in sale price make the decision • Buyer may not have • Fixes the house for all cash available to cover future occupants mitigation after home purchase (especially first • People purchasing time home buyer). house know test was done properly Option B
How to ease the $3000 cost? • This could be achieved through a mortgage plus improvements where sufficient money (say $3000) is added to the mortgage and held in lawyer’s trust fund to be used for remediation should long term testing reveal higher than acceptable levels. If the test comes back with acceptable levels, the money held would be applied back to the principle of the mortgage, without penalty. Option B
Canadian Association of Radon Scientists and Technologists Helping Canadians Reduce Radon Risk Why did id we develop Option C? Option C • Real Estate agents are protecting buyers and asking for a Radon Indicator/Assessment radon test during the inspection • The US has 48 hr Real Estate testing and information spillover affects Canadians • Lack of clarity/guidelines in the process has lead to litigation • Home Inspectors are looking for guidance on what to do/better options from US Guidance • Unfair prejudice against a home because of lack of guidelines/information about radon Providing Guidelines & Structure www.carst.ca
• Short Term Test, minimum 4 days Option C Radon Indicator/Assessment Result above 75 Bq/m 3 initiates moving money • into escrow for radon mitigation • Follow up long-term test conducted during first winter after new owner moves in • Provides guidelines on how to conduct the test regarding consistency of process, notice of testing and some guidance for prevention of interference Option C - Explained
Advantages: Disadvantages: Option C • Radon Indicator/Assessment Uses a short term test which will • Uses conservative indicator only provide an indication for that level to estimate the likelihood test period that radon mitigation would be • False low reading could give a new required homeowner a false sense of security • • Radon Mitigation based on Preventing interference isn’t Long-Term Test guaranteed: • Testing done by seller and can be manipulated to create a false low • Provides structure for • Testing done by the buyer could be realtor/purchaser who is manipulated to create a false high determined to have a radon • Penalizes the seller by putting the test conducted cost onus on them Option C
Canadian Association of Radon Scientists and Technologists Helping Canadians Reduce Radon Risk Hel elp to to und nderstand rad radon: Hel elp to to und nderstand Make e TESTING a a pri priority rad radon miti itigation: Make e FIX FIXING a a pri priority Radon? = Tools fo for Real Est state Disc iscussions www.carst.ca
Radon Mitigation In Information
Canadian Association of Radon Scientists and Technologists Helping Canadians Reduce Radon Risk Measurement Labels Workplace Resources Child Care Resources Postcard Handouts Mitigation Labels 4” (6 versions available, not all shown) Don’t forget your CARST resources… www.carst.ca
Canadian Association of Radon Scientists and Technologists Helping Canadians Reduce Radon Risk Questions, comments? www.carst.ca
Recommend
More recommend
