Goldmine or nightmare for Canadian Real Estate Investors
Busted Meth labs, One of the most increasingly common used drugs in today’s society is Methamphetamine. Meth is considered a very powerful illegal drug. Not only the drug has its problems producing this type of drug, but also when using it. Crystal meth, crank and lithium are various different types of this drug. This drug is used by snorting, smoking, and inserting needles.
Every year, homes are sold to unsuspected buyers in Canada without having an idea that the house they are purchasing was formally a meth lab. Each year, the police discover thousands of meth labs. In some cities, no rules or regulations have been established to disclose the history of the property. Thousands of meth users do not check if the house is contaminated before selling it
There are various ways to make sure that a meth lab was not previously being produced in your property. Buyers can inquire the local police for the house's information, or they can check out the property's deed with the county office's clerk. Many other ways to discover if a meth lab exists are by noticing a nasty smell like a cat’s urine or powerful chemicals scents. Meth lab properties tend to have their windows covered at all times or no windows at all with frequent visitors at during the night or irregular hours of the day.
Meth lab equipment is very dangerous. High quantity of garbage is tend produced by meth users. While investing these properties, you might notice rubber gloves, dusk masks, propane tanks, and certain substances like paint, drain cleaners, acid and iodine.
If there is not a visible sign, you can detect meth labs by purchasing meth lab kits for $55. The buyer can get professional meth lab detection for about $600 if these tests are positive. Cleaning these properties may cost about $10, 000. Meth users tend to have their lives disordered.
They live in isolation and tend not to join in with the community. The properties are left abandoned and in a mess and they lose their homes to foreclosure, which are resold for cut-price. The number of Meth labs seized from 1993-2003 extremely rised by 925%.
According to CBC news, meth lab cleanups will be paid by taxpayers. The Toronto police raids a duplex on Woburn Avenue. This property was rented with the tenants producing meth. The cleanup of marihuana grow-op was by law passed in 2007 by the city.
It was the law which stated that the authorities were given permission to clean up with the expense of the owner who failed to obey, and may collect the costs by adding them to the tax roll. But, there are no regulations as of yet regarding to meth lab cleanup. The production of meth is the main reason for an environmental and structural damage, which requires a massive cleanup.
In the present time, the Real Estate Board is asking the Ontario government to assist and let the future owners know if certain properties have related histories.
In Toronto, even though Realtors usually disclose information about the houses they are selling; in many cases, they are not notice of the history themselves.
In the meantime, the province has no database that can detect the history of a property or tell us if there was a meth lab or a grow-op.
A quick solution is really needed for this major issue.
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