The buyer should obtain environmental assessment reports and many commercial lenders will require it. Although buyers do purchase property without it, more often than not in a large commercial transaction, an environmental report is going to be required.
Assuming that there is no environmental problem detected, the total cost for an environmental report could be $3,000 to $4,000.
There are two phases in an environmental assessment. If the assessor finds any environmental issues that require more attention, they will go into phase two, which can get more expensive. Problems they might be looking for include asbestos or hazardous waste.
Gas stations are often locations of environmental concern because gasoline is a hazardous waste that spills into the soil. For gas stations, the hazardous waste has to be removed.
Usually, environmental experts will tell us whether a piece of commercial real estate needs to be remediated and then it becomes an issue for our client in phase one of the environmental assessment.
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