The environmental inspection, when should I proceed?
One of the major issues that we are seeing in our market today that could affect all commercial transactions are the environmental contaminations that a property may potentially have. If you want to sell and your soil is at risk of being contaminated – maybe because of an oil tank underneath, a former polluter commercial business located there or your property never having an environmental test performed on it – it is best to have your property tested by one of the reputable environmental contamination firms, before putting the property on the market. This way, you get a ‘clean’ (no pun intended) report ready for the potential financing of the purchaser.
All commercial properties need to have these tests done today, being forced by the lenders, it is recommended to take the initiative of performing such test instead of waiting at the end, since this could potentially be a disaster when a purchaser spends money and time for inspections, loan application at the bank, gets everything approved, reviews all the due diligence documents, and after all is said and done, the environmental inspection comes with contamination, thus causing the whole transaction to come to a halt.