Here we will discuss the benefits of phase 1 environmental reports. A comprehensive phase 1 environmental report is required for several reasons. It is essential that this phase 1 environmental report be completed correctly.
Failure to provide a thorough report may result in you paying more than the total project cost. If the phase I inspection is positive, you should negotiate the contract of sale.
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After signing a contract, it is important to hire an environmental firm to conduct a phase I inspection of your building. The phase I report includes research on the history of the property and a walk through the potential site to make a visual inspection.
Certified environmental engineers will inspect the site for signs of underground tanks (USTs) removal, such as discolored concrete, new concrete patches, or asphalt. He will also look for environmental concerns such as 55-gallon drums. A lender will usually have a list of approved environmental companies. Before hiring an engineer, make sure to have this list. It is a good idea to interview at most two companies and ask for proposals from both.
Additional issues can be created by a phase II report. Sellers may prefer not to be informed about potential problems. The seller might be responsible for correcting the problem once it is discovered. You can even search online for more information about phase 1 environmental.