Addendum Regarding Mold

Significance of online services for real estate property investors

With the advantage of pre made real estate forms, people are now being benefitted to a great extent. Not only do they help the prospective buyers to understand the required terms and conditions stated in their property and lease agreements, it also helps them to reduce the difficulties which they face in the hands of highhanded and indifferent attorneys and property consultants. With the help of pre printed forms on real estate services, a buyer or lessee is provided with a form or detailed documents which makes him/her aware of the necessary terms and conditions which are needed to be followed.

Informative platforms for property buyers

Such services have been made available to the people recently. Earlier it was generally the task of the property consultant to get them aware of the importance of such crucial documents. The easy accessibility of the internet in the modernised age has made way for such convenience of the buyers and property owners. Several online services are now reaching out and sharing such informative details among the people.

Addendum regarding mold as one of the essential documents

Addendum Regarding Mold is considered to be one such essential document with regard to real estate agreements and terms. Important especially during lease agreements by landowners and tenants, it is an added document which should be made available along with the main tenant-landowner agreement.

Addendum Regarding Mold assures the property buyers and tenants of the absence of possibility of molds infestation in the property. Along with the buyers’ acknowledgments and rights and landowners’ disclosure, the addendum is regarded to be very important as mold infestation could be a health risk in long term scenario. A certification of accuracy and inspection has to be sanctioned in order to ensure the place has the least mold infestation that an owner can be aware of.

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ADDENDUM REGARDING MOLD
For Use in the Lease or Sale of any Residential Property
EFFECTIVE as of January 1, 2003

_____________________________________________________________________________________

Concerning the Property at: ______________________________________________________________

MOLD WARNING STATEMENT:  Every Tenant or Buyer of any interest in residential real property on which a residential dwelling was/is built is notified that such property may present exposure to mold.  The presence of mold may constitute a health hazard, particularly to those with mold allergies.  There are currently no federal or state mandated standards for acceptable levels of mold.  The Landlord/Seller of any interest in residential real property is required to provide the Tenant/Buyer with any information on the presence of mold from risk assessments or inspections in the Landlord/Seller’s possession and notify the Tenant/Buyer of any known mold presence. A risk assessment or inspection for possible mold is recommended prior to purchase or occupancy.

A.    LANDLORD/SELLER DISCLOSURE:
Presence of Contamination by Mold or other fungi:  [Check (a), (b), or (c)]

[   ]    (a) LANDLORD/SELLER HAS NO KNOWLEDGE OF MOLD OR OTHER FUNGI HAZARDS IN THE PROPERTY.  (This is not a representation that the Property is free of Mold or other fungi, but is only a statement of Landlord/Seller’s knowledge).

[   ]    (b)  THIS PROPERTY HAS THE PRESENCE OF MOLD OR OTHER FUNGI  HAZARDS:  Landlord/Seller has been made aware by written professional analysis of Mold or other fungi hazards in the Property.

[   ]    (c)  THIS PROPERTY HAS BEEN REMEDIATED OF MOLD AND/OR MOLD HAZARDS:  Seller has reports pertaining to mold or other fungi hazards in the Property.  Seller has an air clearance report.

Records and reports available to Landlord:  [Check (a) or (b)]

[   ]    (a)  Landlord/Seller has no reports or records pertaining to Mold or other fungi hazards in the Property.

[   ]    (b)  Landlord/Seller has provided Tenant/Buyer with all available records and reports pertaining to Mold and other fungi hazards in the Property.

B.    TENANT/BUYER’S RIGHTS:    [Please Check (a) or (b)]

[   ]    (a) Buyer waives the opportunity to conduct a risk assessment or inspection of the Property for the presence of mold or other fungi hazards.

[   ]    (b)  Within ten (10) days after the effective date of this agreement, Tenant/Buyer may have the Property inspected for the presence of mold or other fungi.  If mold is present, Tenant/Buyer may terminate this contractual agreement by giving Landlord/Seller written notice within 14 days after the effective date of this agreement.  If Tenant/Buyer

Addendum Regarding Mold Concerning  ____________________________________________________________________

occupies the Property prior to giving Landlord/Seller written notice or if written notice is not received within 14 days of the effective date, Tenant/Buyer waives the opportunity to conduct a risk assessment or inspection and is occupying the Property at their own risk.

C.    TENANT/BUYER’S ACKNOWLEDGEMENT:  [Tenant/Buyer to initial and sign]

Tenant/Buyer is hereby notified that notwithstanding any other provision of the Residential Lease Agreement, One to Four Family Residential Contract (Resale), or any other documents or agreements related with this real estate transaction, there is no coverage for the following:  any loss or damage involving in any way the actual or potential presence of mold, mildew, or fungi of any kind whatsoever, even if directly or indirectly caused by or resulting from an insured peril.  This includes any bodily injury, property damage, or medical claim of any kind directly or indirectly relating to the actual, potential, alleged, or threatened presence of mold, mildew, or fungi of any kind whatsoever.  We will not pay for any loss, cost or expense that you may incur in testing for, monitoring removing, treating, or in any way responding to the actual, potential, alleged or threatened presence of mold, mildew or fungi of any kind whatsoever.

TENANT/BUYER HEREBY RELEASES AND FOREVER DISCHARGES LANDLORD/SELLER, THEIR PRINCIPALS, AGENTS AND REPRESENTATIVES FROM ANY AND ALL RIGHTS, CLAIMS, DEMANDS AND DAMAGES OF ANY KIND, KNOWN OR UNKNOWN, EXISTING OR ARISING IN THE FUTURE, RESULTING FROM OR RELATED TO BODILY INJURY OR PROPERTY DAMAGE ARISING FROM MOLD, MILDEW OR OTHER FUNGI.     Tenant/Buyer Initials ________    ________

•           “Mold or other fungi” means:

•             any type or form of mold or mildew;

•            any other type or form of fungus; or

•            any mycotoxin, spore, scent, or byproduct produced  or released by such mold, mildew, or other fungus.

I/We have read this Addendum and this Release and understand it.

______________________________________        _____________________________________
Tenant/Buyer                 Date                                               Tenant/Buyer                Date

D.    CERTIFICATION OF ACCURACY:

The following parties have reviewed the information above and certify, to the best of  their knowledge, that the information they have provided is true and accurate.

__________________________________________    ______________
Landlord/Seller:                                                                Date

__________________________________________    _____________________________________
Listing Broker/Agent             Date                                Other Broker/Agent            Date