3 January 2012 - The environmental inspection, when should we do it
One of the major issues that we we are seeing in our market today that could affect all commercial transactions are the environmental contaminations that a property may potentially have. If you are a seller, and there is a risk that your soil may be contaminated (say there is or was an underground oil tank , or there the site used to be a commercial business that may have polluted, say a dry cleaner, or if your property has never had an environmental test performed on it) then it is best to before putting the property on the market to have it tested by one of the reputable firms for environmental contamination to get a proper clean report for the potential financing of the purchaser. All commercial properties need to have these tests done today, being forced by the lenders, itâ??s prudent to this up front instead of waiting at the end, since this could potentially be a disaster when a purchaser spends money and time for inspections, loan application at the bank, gets everything approved, reviews all the due diligence documents, and after all is said and done, the environmental inspection comes with contamination, thus causing the whole transaction to come to a halt.