Legal Question in Real Estate Law in California

The agent is an idiot for giving you that advice. I would not even consider buying any property that is known to have asbestos unless you obtain a full and complete indemnity agreement from the prior owner, AND make them perform the cleanup before escrow closes. Asbestos removal MUST be done by a licensed, qualified remediation company. The cost is going to be staggering. You are potentially opening a huge can of worms. There are a lot of other factors you need to look at, and a free forum like this is not going to be the place to get all the answers. You need to consult with a qualified, experienced real estate attorney, and possibly even an environmental attorney in your area about this proposed transaction before you sign anything. DO NOT listen to the agent - the statement about remediating asbestos yourself is a clear sign he has no clue about the potential liability you would be buying into.

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I disagree that it is as dire as Gibbs says. Asbestos is not like PCBs or DDT or something. Especially when it is on the exterior of a building it is relatively easy to remediate if needed, and if the siding is in good condition, not crumbling, most experts will tell you to seal it in place and leave it alone. Asbestos containing products that are sealed in place are generally safer than remediation. If you're interested in the property, have a contractor with asbestos qualifications look at it with you and give you a "back of the envelope" idea of what is needed and the cost. Then put in an offer with a contingency for inspection and handling the asbestos issue. Then have several properly licensed contractors who do containment and removal of asbestos containing materials inspect and give you their formal bids. Then, if necessary, go back and either decline to remove the contingency and cancel the deal, propose a modification to the contract to deal with the issue, or if it matches what you expected when you made the offer, close the deal.

Oh and find another real estate agent first. Not only is self-remediation a stupid idea, it is illegal under federal law for dwelling structures of more then four units, regardless of what state law says.

After reading both prior answers, I think proceeding with this deal is a personal decision that depends upon your willingness to take risks and whether the selling price affords you a significant potential "upside" for the risk you'll be taking. I've had astutue clients buy former gas station sites with known tank-leakage issues against my advice, and come away five years later with handsome profits. They had the knowledge, patience and the bucks to take the risk, I guess, and it worked out. Not all will be so lucky. It depends to a large degree on whether the selling price properly reflects the problems, and whether the buyer knows what to do to remediate the problems and take that burden off the market value.

I disagree with Mr. McCormick. As someone who served as an engineer in steam engineroom aboard a warship in the US Navy, and had to comply with Navosh rules, I can tell you that asbestos is dangerous, and should only be removed by qualified technicians.