When properties change hands, or when a commercial property requires renovation, environmental due diligence reports are used to confirm the property’s condition. Among the possible investigations is a Hazardous Materials Survey. At issue is whether there are any hazardous materials on the property from past or current uses, or from past or current construction …
Environmental due diligence is required for commercial property transactions in most municipalities. This involves one or more investigation, which must be performed by an environmental professional, to determine whether a property contains any hazardous materials, or is exposed to hazardous materials from neighboring properties. In most regions, there are dozens of firms offering to perform …
Do you really want the cheapest environmental investigations you can find? Commercial real estate transactions always involve some risk. The larger the transaction, typically, the greater the possible risks that might impact buyers, investors, or lenders. For properties with possible environmental issues, the risks are even greater. Most purchases of older properties in urban areas …
Whether you’re a real estate developer considering investing in industrial space; or you’re a property manager that wants to protect tenants from environmental hazards, you may want to invest in soil testing and other critical environmental services.
Here are some reasons why:
Many real estate buyers, investors and lenders see environmental due diligence as a necessary evil – a box to be checked in the transaction process. Until something goes terribly wrong, that is. At the very least, an incomplete or inaccurate report can put closing dates at risk. At worst, a faulty report can lead to devastating liability and litigation for unreported contamination that must be treated and removed.
You’ve finally agreed to terms for the purchase of a commercial property. Now it’s time to complete all the paperwork–no one’s favorite task. Among the items on the list of required documents is an environmental due diligence report. This sounds complicated, and you have 30 days to close.
The good news:
Due diligence is defined in the dictionary as: “reasonable steps taken by a person in order to satisfy a legal requirement, especially in buying or selling something”
When it comes to commercial real estate, environmental due diligence is one of the legal requirements for buying and selling property. While it is easy for buyers and sellers to treat
California is one of three states that has a significant amount of naturally occurring asbestos (NOA) throughout the state. The other areas with an abundance of NOAs are Fairfax, Virginia and the states of Washington and Alaska. Asbestos in its natural geological state as a serpentine, or layered, mineral is not dangerous to human health …
A Phase I ESA (Phase I ESA) is important because it helps protect your liability. Especially, when buying commercial real estate. Whether it’s a vacant land or a property with 10 buildings. A properly prepared Phase I ESA is a key part of the environmental due diligence process. Simply put – it helps identify historical or present day concerns related to the subject site.
The Phase I ESA helps identify historical uses that could impact the subject site, even today. Example of historical uses that can be of concern are dry cleaners, gas stations and types if industrial uses that can leave an environmental impact on a property. It can be seen as a type of insurance – in case surprises arise after buying the property. Certain high risk uses can impact the property in a way that contamination can exist 20, 30 or 40 years later.
You’re developing property in the Bay Area. You know that you need to do your due diligence. But how important is mold clearance and inspection in the development process? The answer is: very important. First of all, during late fall and winter, the San Francisco Bay Area gets saturated with rain, and the warm, humid …
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