Real Estate Investor Magazine September 2024 Edition | Page 64

PROPERTY MANAGEMENT
Importance of Compliance
Asbestos is classified as a carcinogen and exposure to its fibres can cause serious health issues , such as asbestosis , mesothelioma , various cancers , and even death . Non-compliance with the regulations can lead to severe consequences , including prosecution , fines , and imprisonment . The regulations are designed to prevent such health risks and ensure a safe working environment .
Where Asbestos is Found
Asbestos was commonly used in many building materials , including roofing sheets , wall panels , ceiling boards , gutters , insulation , water pipes , and floor tiles . It is prevalent in structures built before its use was heavily regulated .
Leased Premises
According to the Property Practitioners Act of 2020 , property owners , landlords , and consultants must disclose the presence of asbestos to prospective tenants or buyers . This disclosure , which must be made on the prescribed form , is crucial to avoid personal liability . Despite this , employers are still responsible for ensuring that their workplaces are free from hazards that could affect worker health and safety .
Managing Asbestos
Asbestos-containing materials in good condition can be either repaired ( sealed or painted ) or replaced with modern materials . Proper management ensures that these materials do not pose a risk to health .
Urgency for Compliance
Employers must conduct asbestos inspections as mandated by Regulation 3 of the Asbestos Abatement Regulations of 2020 . Inspectors from the Department of Labour and Employment are now enforcing proof of these inspections . Failure to provide an asbestos-free certificate or the required reports may result in legal penalties . Buildings constructed after March 2011 are exempt from this requirement .
Additional Services
Competent inspectors can issue asbestos-free certificates if no asbestos is found or prepare detailed reports and management plans if asbestos is present . They also offer comprehensive Asbestos Safety Policies and Procedures Manuals .
Disclosure Requirements
According to the Property Practitioners Act , property practitioners , owners , or lessors must disclose any asbestos-related defects in properties before finalizing any sale or lease agreements . Non-disclosure can lead to legal liability for damages .

64 REI MAGAZINE SEPTEMBER 2024