Uncovering Hidden Mold in a Recently Purchased Commercial Building

Buying a commercial building is a significant investment, so finding mold after closing the deal raises all kinds of questions. The biggest one is what to do from a legal standpoint. For one thing, this shows just how critical it is to hire a trusted company to perform a thorough inspection. Just make sure that you select someone licensed, bonded, and insured. Also, the inspector needs to have extensive experience and knowledge of all mold types, ensuring that even a small problem will be identified and corrected.

However, if you discovered mold in your newly purchased commercial building even after getting an inspection, you then need to determine the next step. Start by contacting your realtor, explaining that you had a mold test performed that came back positive. At that point, that person can act as a mediator between you and the seller to come up with an agreement on eradicating the problem.

In many instances, either the seller’s insurance or your provider will cover mold removal and any associated damage. When using your insurance, you would only pay the deductible, which you might be able to recoup from the seller. However, if the realtor cannot assist you, the seller refuses to pay, and the insurance company denies your claim, then you should contact a qualified attorney who specializes in this area of the law.

For you to file a lawsuit against the realtor or seller of the commercial building, you would likely have to claim that one or both failed to disclose the existence of mold. That means that one or both parties were aware the problem existed. But since they were anxious to sell, they decided not to tell you. As you can imagine, that can be difficult to prove, although it’s not impossible.

Through investigative research, your attorney can uncover a trail that shows either or both parties had prior knowledge of the issue. That could be done through earlier claims, sick employees, past mold cleaning, and so on. With that type of evidence, you have a much better chance of winning your case. If your attorney cannot find any evidence, there is still a chance of winning through negotiations.

Especially if the seller has other properties, that person does not want a damaged reputation. Therefore, he or she may be willing to compromise on the cost of having the mold removed and damage repaired. Keep in mind that for mold to grow and thrive, it needs moisture. Therefore, along with mold damage, the building might have a leak that also needs to be checked.

While you might face some challenges, with a reputable attorney working on your behalf, you have a much better chance of coming out on the winning end. Instead of paying thousands if not tens of thousands of dollars out of your pocket to deal with a mold problem, contact an attorney and fight back. Because the existence of mold has become problematic, you need to stand up for your legal rights as opposed to handling the situation alone.

Posted on:
February 2nd, 2018

Real Estate Law