Next to zoning, environmental issues are the next most important factor when buying commercial/ industrial properties. The way in which property owners treated various chemicals a number of decades ago has a major impact when you buy properties today. If you buy a tainted property, you could well be responsible for the cost of remediation (even though you didn’t create the problem).
A Phase I Environmental Audit done during your “due diligence period” by a reputable contractor will give you a history of the property and the contractor will make appropriate recommendations for further investigations (Phase II) for any areas of suspected contamination or concern. Most contamination can be dealt with – but it takes time, money and experience.
A good ENVIRONMENTAL ATTORNEY and an ENVIRONMENTAL CONTRACTOR can walk you through the process. Obtaining an ACT 2 closure from the Pennsylvania Department of Resources will relieve you of the burden concerning a particular contaminate. This way, you can buy a “tainted” property and still be protected.
