The property surrender deadline for the voluntary buyback programs has been extended. Find out more.
A few properties affected by loose fill asbestos insulation share a block with, or are structurally connected to, another property. In some cases, it may not be possible to safely and efficiently demolish an affected property and completely remove the risks of loose fill asbestos insulation unless some or all of an adjoining property is also demolished.
This may be because the affected property shares a wall or roof space with one or more adjoining properties, or because of access issues due to the position of the properties on the block.
Where an affected property is participating in the Loose Fill Asbestos Insulation Eradication Scheme buyback program, the adjoining properties that are identified as needing to be demolished along with the affected property are called eligible impacted properties.
How it works
If your home is identified as an eligible impacted property, you will receive a letter from the Taskforce inviting you to participate in the Eligible Impacted Property buyback program.
The buyback program for eligible impacted property homeowners is voluntary and applying to participate does not commit you to selling your property. It does enable two independent valuations to be conducted so that an offer can be formally made.
An application form is provided with the letter to participate.
You will have 60 working days from the date of the Taskforce's letter to submit your application form.
What you get
Under the Eligible Impacted Property buyback program, on surrender of the Crown Lease for the impacted block, the owner will receive:
- the value of your impacted block (house and land) as at:
- 19 November 2015 when the program began or
- the date the property was deemed eligible for the program if that date was more than six months after 19 November 2015
- an additional $1,000 (GST incl) to cover or contribute to legal fees incurred in attending to the surrender
- a stamp duty concession on the purchase of a residential dwelling in the ACT
- a First Right of Refusal to repurchase the block at market value, after it is remediated (applicable only on blocks with a separate Crown Lease)
- access to other financial concessions
Getting your home valued
Valuations are coordinated by the Australian Property Institute ACT (API). Two independent valuers will contact homeowners to arrange suitable times for conducting the valuation inspections.
When the valuations take place, the valuer ignores the fact the associated property is affected by loose fill asbestos insulation.
Once finalised, the API will send the two valuation reports to the homeowner and the Taskforce at the same time.
Receiving your offer
The ACT Government will make a written offer to purchase your impacted property based on the average of the two valuations.
From the date of the offer letter, you will have 60 working days to decide whether to accept.
If you decide to proceed, you will then be provided with a surrender deed/contract of sale for the property.
Note: If the homeowner is not satisfied with the government's offer, they may request a 'Presidential Determination' by the API. The resulting figure will then become the offer from the ACT Government. If the original two valuations vary by over 10%, then the Taskforce may also request a Presidential Determination. Regardless of who requests the Presidential Determination, this will become the formal offer from the ACT Government.
Deciding to participate
Before signing a deed or contract you need to seek independent legal advice – just like in a normal sale process. You will receive $1,000 toward seeking that advice if the surrender of the Crown Lease or sale of unit process is completed.
Homeowners, landlords and tenants may be eligible for a relocation assistance grant and other financial concessions to assist with moving to new accommodation.
Conveyance (stamp) duty concessions
Homeowners who participate in the buyback program (for an eligible affected or impacted property) are entitled to a concession of stamp duty on the purchase of a residential dwelling in the ACT.
Find out more at the ACT Revenue Office website.
First Right of Refusal
For properties with their own Crown Lease (i.e. those that are not in a units plan), the First Right of Refusal option will apply. The First Right of Refusal process allows eligible former owners of the property the first option to purchase back their block in an off-market transaction.
- Voluntary Eligible Impacted Property Buyback Program Policy (527.6 KB)
- Voluntary Eligible Impacted Property Buyback Program Guide (591.6 KB)
- Eligible Impacted Property Relocation Assistance Grant Guidelines (525.7 KB)
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