Experts and courts agree that UFFI no longer poses a threat to health. This stigma is maintained by the real estate sector and results in an unnecessary financial loss for real estate sellers. A study by Ben Lansink, published in The Canadian Appraiser in 1985, estimated that isolated properties with UFFI were sold 35 to 50% below market value. While there are no recent studies on the effect of UFFI on real estate values, many studies support the safety of UFFI. There is no justification for the UFFI to be used in the purchase and sale contract. The CMHC makes it clear in an article on its website: “While the UFFI shouldn`t be a reason to worry, depending on where you live in Canada, you may be asked to say whether it`s in your home or not.” The OREA website reads: “There is now a general consensus that UFFI is being minimized as a health problem. However, the Canadian Real Estate Association urged its members to stay informed, not to treat the UFFI as a closed issue, and to keep the UFFI`s references in the listing and sale documents, including the purchase and sale agreement. “On what basis does CREA base the opinion that the security of the UFFI is not yet over? There are no studies that link UFFI to health problems. Nothing.
This insistence of CREA perpetuates a myth-based stigma, obsolete, to the detriment of the owners. Several provinces have removed this guarantee clause from their agreements and have listed the paperwork. However, many structures still have UFFI equipment. Currently, there is a disclosure clause in every real estate contract regarding the UFFI. However, in many cases, owners do not realize that their building contains UFFI, which was passed on by former owners. Identification of the UFFI can avoid possible health and safety problems for the contractor and commitments to the owner and architect. It may be time to remove the UFFI clause from real estate purchase agreements. In your case, buyers would have known that your home had the UFFI, since it was published in the MLS list and should have been discussed with your agent. They paid the bail very late in the trial, which leads me to assume that they got cold feet and used the fact that the UFFI guarantee was not removed from the agreement as an excuse to withdraw from the agreement. . .