Buying property is a major undertaking, especially for a business. If you are considering buying or leasing a property in the near future, it is of the utmost importance that you do the environmental due diligence in a timely manner, preferably early if possible. This is because it is common that sites are contaminated, and you want to be sure of what you are getting with your potential property. It is likely that if the property you are looking into has been developed in the past, then there is a risk of contamination. Contamination is even more common is downtown or industrial areas.
There are three common risks associated with buying or leasing contaminated property. These three risks are cleanup risk, damages risk, and business risk. This article will discuss these risks in further detail, as well as how to manage the contaminated property. This article is important to you if you are considering purchasing or developing a piece of property in the near future. (more…)