An asbestos addendum is a form added to a real estate purchase agreement to establish terms regarding asbestos on the property. It requires the seller to disclose whether they’re aware of any asbestos and, if they are, to let the buyer know where it can be found on the property. The addendum may also obligate the seller to take specific actions to make sure the property is safe and habitable, such as performing inspections and having the asbestos professionally removed or sealed before the buyer takes ownership.
1. THE PARTIES. This Asbestos Purchase Agreement Addendum (“Addendum”) made this [MM/DD/YYYY] is by and between:
Seller: [SELLER’S NAME] (“Seller”) and
Buyer: [BUYER’S NAME] (“Buyer”).
The Seller and Buyer are each referred to herein as a “Party” and, collectively, as the “Parties.”
2. ORIGINAL AGREEMENT. This Addendum is being added to the purchase agreement between the Parties, dated [MM/DD/YYYY] (“Original Agreement”), for the property located at [PROPERTY ADDRESS] (“Property”).
3. DISCLOSURE. The Seller is: (check one)
☐ – NOT AWARE of the presence of asbestos in or around the Property.
☐ – AWARE that asbestos is present in the following locations on the Property: [DESCRIBE WHERE ASBESTOS IS KNOWN TO EXIST].
4. INSPECTION. The Parties agree that the Seller is [WRITE “required” OR “not required”] to hire a qualified professional to inspect the Property for the presence of asbestos.
5. ABATEMENT. The Parties agree to the following terms and conditions regarding the repair or removal of asbestos on the Property: [DESCRIBE HOW ASBESTOS WILL BE TREATED].
All asbestos abatement activities shall be conducted by a qualified professional and performed in accordance with state, local, and federal laws and regulations.
6. RESPONSIBILITY AND COSTS. All responsibility and costs in connection with the repair or removal of asbestos shall be assumed by the [WRITE “Seller” OR “Buyer].
7. EXECUTION. This Addendum may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
Seller Signature: ___________________ Date: [MM/DD/YYYY]
Print Name: [SELLER’S NAME]
Buyer Signature: ___________________ Date: [MM/DD/YYYY]
Print Name: [BUYER’S NAME]