The forecast of completed retail space is trending upwards. The value of all American construction put in place now exceeds $74 billion. The market for commercial real estate is booming, but you still need to be careful. Investing in a commercial lot of land is a major move. You need to be wary of making a mistake.
Every year, nations generate 1.3 billion tons of waste. Factories produce a considerable amount of pollution, and cars emit 24 pounds of carbon dioxide for every gallon of gas. The history of the land you are buying matters. If there was a contaminant on the land, then you should know. Additionally, underground aquifers can transport pollutants from neighboring lands onto your property. Wind, swamps, and rivers are also known to be highways for toxic materials.
Phase I Assessments are an absolute necessity when you are purchasing property for commercial uses.
These environmental site appraisals, legally speaking, can be done on any piece of real estate. There are protocols in place to guarantee, as much as humanly possible, that the land you are purchasing is not polluted.
There are many tasks that must be undertaken in Phase I Environmental Site Assessments. It is a comprehensive examination. Part of the judgment of the property entails an on-site visit, which includes a viewing of present conditions. An expert gauges the likelihood of chemical spill residue, the presence of hazardous substances, and evaluates how probable it is that there is dangerous material on site. In addition, the scientist calculates how likely it is for neighboring properties to have damaged the lot of land in question, and the possibility of the land being contaminated in the future.
The physical inspection is not the only part of assessment.
Consultants will examine the history of the property in question. This will point the investigators in the right direction. For example, if there was a building on the land that was built in 1947, asbestos may have been used as part of the insulation. This is a fact that someone buying a property would like to know. Inspectors review federal, state, and local files to find out whether there are sources of contaminants. Municipal and county planning files are examined to check permits on the land. Should there have been any reports of poor water quality or soil contamination, a Phase I Assessment has methods of finding them.
This examination takes a very wide scope. Drainage patterns and local topography impact the flow of toxins. If dangerous substances are flowing onto your property, you would want to know that before subjecting employees and customers to it.
As the owner of a piece of property, you are legally liable for cleaning it up. When property owners do not clean it up, they run the risk of having lawsuits filed against them. If the land is being used for commercial purposes, business owners expose themselves to greater legal hazard.