Environmental Considerations for Real Estate

Closing a facility and selling an industrial property is a process that requires attention to details both current and historic. While it is natural to consider the condition of the building and grounds as they stand today, the owner (soon to be seller) should also return to the historical information they may have acquired at the time they originally purchased the property.

Including a review of previously documented property uses and conditions to the overall site closure activities will add to your confidence when selling the property. You will know that you have thoroughly reviewed and disclosed all known environmental issues associated with your property. 

For instance, a review of past Phase One Environmental Site Assessment documents will bring to the forefront any unfinished environmental due diligence issues. If there were environmental impacts from previous owners, do you have all the final determinations and releases from the appropriate regulatory agencies?  A review of past Phase 1 Site Assessments may help you to identify any missing documents or incomplete projects. 

Taking the time to button up any loose ends now will save you time and money in the future.  The more information you provide to the potential buyer the more likely they may become the new owner.