What is an environmental site assessment and do I need it if I am buying commercial property?
Transcript
In terms of when you make the termination as to whether you’re going to buy a piece of commercial property, one of the things that you have to be concerned about is prior uses of that property. It could have been used as a [inaudible] property two owners before the person that you’re considering purchasing the property from. So in a situation when you go out and you buy a new piece of property, that you want to put a new building on, or you want to tear down that building, and put something, maybe to adjoin or annex to another piece of property, you should always have an EPA investigation done. If you don’t have that done, you’ll be in a situation where by under SERC Law, which is the federal law that deals with this, can result in you being responsible for cleaning it up. Therefore, I always recommend any client that comes to me, with these types of questions have the site assessment done, it’s well worth your money.
