Myrtle Beach Real Estate

Land Minefield...  What every Buyer should know about Land Transactions....

You are a Buyer of a parcel of land.  The Seller provides you with a satisfactory Phase I ESA (Environmental Site Assessment).   You are satisfied with that and all other “due diligence” and proceed forward closing on the property. 

A few months later, several underground petroleum tanks are discovered on the property.  The clean up bill is substantial.  You now have to front the bill.  How is that possible?  You had a satisfactory Phase I ESA.   Yes, but the Phase I was done for the Seller.  One little omitted detail cost you a fortune. 

What could you have done differently?  Once you decide to move forward with the purchase, go back to the environmental consultant who did the Phase I, and ask him to update the Phase I ESA showing that it was done specifically for you, the Buyer.  That little change will save you a fortune in clean up costs.  Now the clean up will be the responsibility of the Seller, since you have a Phase I ESA with your name on it, showing that you have done everything a Buyer needs to do in order to comply with the law and effect the proper due diligence.