Dear Michael: We have acoustic ceilings in our home which may contain asbestos. Many of our neighbors have had the stucco removed. Is there a law that states that we have to have the ceiling stucco removed? And if not, why are so many people removing them?
Answer: Acoustic ceilings also referred to as “popcorn” ceilings were popular between the years 1970 and 1985. Aesthetically, it is a thing of the past. As times change, so do trends; today buyers favor smooth ceilings and, therefore, usually have the popcorn removed before moving in to avoid the mess while living in the property.
Most acoustic ceilings contain asbestos and will need a certified asbestos removal company to get rid of them. The only way to find out if asbestos is present is to take a small sample and have it tested. Fines can reach up to $10,000 if the popcorn is removed and dumped in a city trash container. There is no law that requires owners to have the popcorn from the ceilings removed.
Dear Michael: I am buying a short-sale property. The bank has approved the sale. Can we request that the seller make repairs if we find defects with the home?
Answer: Most short sales are sold at a reduced price and “as is.” Given that the seller is likely broke, don’t expect too much in the way of a credit or repairs from the seller. You can give it a try; some sellers have funds stashed away that they may be willing to use in order to consummate the sale, but don’t count on much.
Short sale lenders are a better avenue. I have experienced on my short sales transactions that some lenders are willing to credit buyers for repairs. This all depends on the lender and how much of a loss they are taking. Every scenario differs, but more often than not, they will say no. You will need to show receipts and an inspection report outlying what needs to be repaired. Make small repairs yourself and concentrate on the bigger items, if any. It is better that you set low expectations for yourself in regards to any type of credit when purchasing a short sale.
Dear Michael: If I become the owner of a home property by a quitclaim deed, am I responsible for any delinquent taxes?
Answer: That would most likely depend on where the property is located, but the most common answer to that question is yes. Property taxes, mortgages, liens and some other encumbrances are tied directly to the property, not to the person who owns it. For instance, the county tax assessor has the right to place a lien on your property if you are delinquent on your taxes. That lien is then attached to the property. If you quitclaim your home to your son, then the lien follows the property and your son will have to pay that tax lien off if he should try to sell it. Never obtain a property without first doing some research on it, even if there is no consideration involved. A property with an encumbrance that exceeds its value could be considered a liability. At the very least, check the history through a title search, there may be another entity with the right to lien the property. This will give you a general idea of the property’s status. However, there may also be judgments and other liens attached to the property that you can’t find on your own and they will become a problem for you. They may not be your judgments but they will become your problem when you attempt to sell the property or get a mortgage on it.
It is highly advisable that you have a title company do a complete title search on the property before you have it deeded to you. It is worth the expense.
Michael Kayem is a Realtor with Re/max/Execs, serving Culver City and the Westside since 2001. Contact him at (310) 390-3337 or homes@agentmichael.com.
