Sunday, April 17, 2016

Essentials Of Getting A Phase 1 Environmental Site Assessment Done

By Gary Wallace

When starting a business there are many perils involved. You may incur a lot of overhead costs when dealing with hazardous waste found in the property you have secured in recent times. Getting someone to do a phase 1 environmental site assessment before purchasing the property can be of great value to you, since it will minimize the chances of you running losses in the future after having established a project. This article has captured the benefits of performing due diligence for the environment before embarking on anything.

Earlier, its agenda was to specifically conduct some background check on the property. It was specifically intended to help protect potential customers from experiencing any hitches. Immediately after purchase owner of the property is protected because they had an assessment conducted before deciding to utilize the property.

This assessment has the capacity of detecting if there is any contamination on the property. Issues it detects may comprise both past and present gas station, drycleaner and metal processes activities. Often you may find a situation where the land was used in the undertaking of risky activities in the past and is presently being used for a safer and beneficial purpose to the environment.

Conducting an assessment is not necessary for all commercial land that is being purchased. It is mostly done when there is a lender involved. These professionals can do a good investigation to establish the possibility of the property being contaminated. They ascertain that the presence of contamination may not have adverse effects on property. Trying to sell property that is already contaminated may be a huge task, since few people are willing to take such a risk.

With the idea of investing in mind, it is always prudent not to rush into any decision hastily. This may cost you a lot of money in future. Getting to close a deal fast just because it sounds sweet may result to you experiencing a lot of overhead cost, only to realize the property you bought was contaminated. Most investors, who do cash transactions to buy the property, make this error frequently. Only to realize the particular property sold to them was contaminated. Disposing it may be very difficult.

Regardless of the situation, any contamination existing in a property can always be sought for solution. You are better placed if they discover contamination when you are the one anticipating to buy the property instead of the owner. At this stage, you are at liberty to turn down the deal.

Conducting some research on the certain property you want to purchase is almost similar to doing a quick background analysis before you get indulged, since you want to be aware of exactly what you are about to deal with. The existence of contamination in your property reduces the value since lenders do not want to risk.

Therefore, it is essential to have all the relevant information and get an assessment done on any property you purchase from a lender. If you understand all this benefits, it becomes much easier to make good and beneficial decisions.

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