Owners of properties on the Affected Residential Premises Register (the Register) not surrendered under the buyback program, and which become deceased estates, may choose to manage their affected property through:
- private demolition and private sale
- sale to the Territory under the Purchaser of Last Resort (POLR)
- acquisition by the Territory under the Request for Acquisition for Deceased Estates (RFA) (260.5 KB) for eligible persons
Homeowners and tenants of affected properties continue to have a legal obligation to advise anyone entering their property that it is contaminated with loose fill asbestos insulation, and to maintain and display a copy of their Asbestos Management Plan.
How Request for Acquisition works
This option is available for executors and beneficiaries of any eligible homeowners of a property affected by loose fill asbestos insulation not surrendered under the buyback program, who wish to see out their final years in their home. The executor of the deceased estate or the new registered owner, as a result of inheritance, may apply to the ACT Government to acquire the affected property once the eligible homeowner has passed away.
The eligible homeowner must be the person who was the Registered Owner of an affected block as at the date it was added to the Register and remained the Registered Owner of the block at the date of their death. The government will then:
- seek valuations from two independently selected valuers to determine market value for the property at the time of application, explicitly taking into account the presence of loose fill asbestos insulation and any presentation and condition issues, and the cost to remove the affected structure and remediate the land.
- Provide an offer to acquire the property, which will be the average of the two independently determined market valuations.
- If the offer is accepted, legal documents will be prepared and exchanged to finalise the acquisition and transfer the property to the Territory.
Unlike the buyback program, the RFA does not provide:
- a stamp duty concession
- a first right of refusal on resale of the remediated block
Financial assistance
Executors of deceased estates under this initiative will be eligible to apply for a relocation assistance grant to assist with associated costs to move out of the property. For the purpose of eligibility, the executor of a deceased estate will be treated as if they are an owner occupier transitioning to a new home or living arrangements.
Find out more about Relocation concessions.
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