Environmental Due Diligence
In the contemporary landscape of commercial real estate transactions, the integration of environmental considerations has become imperative. The intricate framework of regulations can lead to substantial environmental responsibilities affecting buyers, sellers, and lenders, irrespective of their involvement in the initial issue and their current property ownership status.
Vital guidelines established by the U.S. Environmental Protection Agency (EPA) and numerous states present avenues to shield against environmental liabilities. This safeguard hinges on a thorough exercise of "all appropriate inquiries" concerning the property at the point of acquisition. Subsequently, proactive measures must be taken to mitigate the impact of hazardous substances identified on the property.
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