Buying a commercial property can be tricky. You first have to sort out potential properties, weigh the pros and cons, oversee all the paperwork, and then move on to the development phase. This can be a long and drawn-out process.
However, to make the process easier, we have put together a guide on mitigating risks before closing a deal on your commercial property. Here’s what you should know:
Ask Questions About The Property
You should do your homework and ask around about the property. Contact the local real estate agent or the local economical department if this information isn’t readily available. You can also ask for a site survey with the manager to inspect the site. You can write down any questions you may have and clarify them with the owner later.
Do Your Due Diligence
Under the Comprehensive Environmental Response, Compensation, And Liability Act’s (CERCLA) innocent landowner defense under All Appropriate Inquiries (AAI), you are required to request a Phase 1 environmental inspection to ensure there aren’t any hazardous substances on your property. It can assess if the site’s historical usage has contaminated the land, which can affect residents and workers using your potential commercial property.
So, this Phase 1 environmental inspection can help save you money on your commercial property and estimate its true value when you approach the seller for a deal.
Bring A Lawyer
One of the best things you can do is to bring someone who understands the legal jargon and negotiate on your behalf and interests. You can also have someone from the environmental assessment company during the deal negotiation to communicate the situation of the land and property.
Since the buying process for commercial property is a little different, it’ll be easier to have experienced pair of eyes overseeing the process for you and noting all the permit and law requirements to make the plan for your property a success.
Projexiv Environmental Offers Environmental Consulting Services In Texas
If you’re looking for expert environmental professionals to help with environmental site assessments, Projexiv Environmental can help you out. We are an environmental compliance consultant in Texas with an experienced team of environmental professionals who’ll thoroughly inspect your property and identify any recognized environmental conditions (RECs) to protect your interests and mitigate liabilities on your business.
Contact us for phase 1 environmental site assessment services today