Significant
liabilities can be present when acquiring a property next to
or near a site with known environmental problems, even if
those problems are documented and known to be the
responsibility if another party. Direct or indirect exposure
pathways by which the contaminants of concern can affect
residents or tenants of your site include the presence of
active potable or process water wells which allow exposure to
the contaminant, or a basement which may receive vapors from
an off-site volatile contaminant in soil such as PCE or
gasoline. Additionally, an off-site impact can often extend
onto the subject site above state or federal action levels. In
some scenarios, the new owner of the subject property has been
placed at risk of being involved in the eventual cleanup when
the responsible parties default on their ability to complete
agency-mandated investigations or remediation through
bankruptcy or other factors.
There are steps
that the prospective purchaser should take during the due
diligence period to protect their interest. First, the nature
and extent of the problems from the off-site source should be
identified and defined, along with the potential for direct or
indirect pathways onto the subject site. Tools to acquire this
information include:
- Computerized database screening reports
- File reviews at regulatory agencies
- Interviews with
site contacts and regulatory case managers
This information
should then be used as a basis upon which to determine the
responsible party's plans and/or ability to carry through the
required environmental work. These initial steps often lead to
satisfaction on the part of the potential property owner, and
provide a more solid footing on which the transaction may
proceed; furthermore, the entire process can be done with the
help of a qualified environmental consultant. Let us help you
use these real estate environmental screening tools along with
experience to help you identify these problems before they
arise.
For more
information regarding nearby contaminated site(s), click on
the following:
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you have questions on Nearby Contaminated
Sites?
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