if the seller has phase 1 done recently then, and its clean then you dont have to worry.
that wht we do when we do commercial loan,make sure you spend money on phase 1
thanks
need help in busniess financing
plz call 972-466-2551
ali
That even if you sell to somebody else, the way the environmental laws are written, ALL OWNERS, not just the current owner are responsible for the cleanup. Soil contaminated with oil, deisel, gasoline, etc, must be removed from the site and hauled to a toxic waste dump. Cost of cleanup figure $250,000 to a Million. Be very careful out there. Good Luck.
David
High likelihood of environmental problems - Posted by Ben (NJ)
Posted by Ben (NJ) on February 23, 2000 at 16:02:45:
As a buyer of tax liens in NJ I avoid gas stations like the plague because of the potential for leaky underground tanks. The contamination clean-up costs can far outweigh the value of the property and even if you abandon it, the state will clean it up and slap you with a lien. Be careful!