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Re:environmental testing (1 viewing) (1) Guest
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TOPIC: Re:environmental testing
#7330
Dingo (User)
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environmental testing 7 Years ago Karma: 0  
My father is looking to buy a small 7 unit apartment building. The real estate agent said that we should perform a phase 1 & 2 environmental, but its up to our discretion. Can someone tell me why you would need to perform a phase 1 or phase 2 environmental. I could see doing it for a gas station, but why would you want to do it for an apartment building?
 
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tbm1231 (User)
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Re:environmental testing 7 Years ago Karma: 0  
Phase one environmentals are relatively inexpensive and should be performed whenever purchasing commercial property. A phase two environmental can be considerably more expensive that a phase one environmental and is only performed if the phase one environmental report discovers a problem with the property.

Do the phase one envioronmental and at least you will have the peace of mind that if a problem is later discovered with the property, that you may be able to find recourse against the company that performed the environmental testing if they were neglegent.

Also, if a bank is financing this transaction, they will more than likely demand a phase one environmental report before they lend you money.
 
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