REINSW warns against renting asbestos register property

Dwellings listed on a register of residential properties affected by loose file asbestos insulation are uninhabitable, according to the Real Estate Institute of New South Wales.

REINSW President John Cunningham said from 30 May 2016, NSW Fair Trading made the listing of residential premises on the loose-fill asbestos insulation register (LFAI Register) a material fact, requiring an agent to advise a prospective tenant of that listing. 

“We are of the view that if the dwelling is on the LFAI Register it should not be made available for rent and have voiced our concerns with NSW Fair Trading,” Mr Cunningham said.

“Meanwhile if a premises is added to the LFAI Register during a tenancy, then the landlord must notify the tenant in writing within 14 days of the premises being listed.
 
“REINSW considers this to be insufficient as it fails to accurately reflect what happens to the lease in the event the premises is listed on the LFAI Register during a tenancy. Pursuant to the Residential Tenancies Act 2010 (NSW), the premises will become wholly uninhabitable and the residential tenancy agreement will become frustrated.

“In those circumstances, the landlord or tenant may give the other party a termination notice.

“REINSW is concerned that unsophisticated tenants and other people in low socio-economic circumstances who may agree to lease premises listed on the LFAI Register will be adversely impacted if they receive a discounted rent.

“REINSW believes that the Government should be preventing those situations, not encouraging them,” Mr Cunningham said.