Definition:
Asbestos is a naturally occurring mineral fiber historically used in building materials due to its fire resistance and insulating properties, now known to pose serious health risks.

Example:
When renovating their older home, Tom and Linda discovered asbestos insulation in their attic. They had to pause the renovation, hire professionals to safely remove the asbestos, and ensure the area was safe before continuing work.

Explanation:
In real estate, asbestos is commonly found in homes built before 1980, particularly in insulation, roofing shingles, floor tiles, popcorn ceilings, and pipe coverings. Although asbestos itself is not dangerous when undisturbed, it becomes hazardous when materials degrade or are disturbed, releasing microscopic fibers into the air. Inhaling asbestos fibers can lead to serious diseases, including lung cancer and mesothelioma.

During property transactions, professional home inspectors typically look for potential asbestos-containing materials. If asbestos is suspected or found, buyers and sellers must consider the cost and procedures for removal or remediation.

Importance:
Understanding asbestos is crucial for buyers and sellers because its presence can affect property value, safety, and transaction timelines. Homebuyers should always request inspections for older properties, and sellers must disclose known asbestos issues. Properly handling asbestos can involve significant costs and specialized procedures, potentially affecting negotiations or financing.

In short, asbestos awareness protects health and finances by ensuring safe and informed decisions about older homes.