With many banks no longer requiring environmental audits prior to loaning money, you may wonder if there is any reason you should spend the money. There are several, including the risk of future finacial liabilities that would far exceed the cost of the initial testing.
Environmental Audits can help identify any potential environmental problems associated with the property. Problems such as contaminated soil and groundwater, hazardous waste, or other hazardous issues which could result in a costly clean-up. Depending on the type of contamination, you could also incur legal fees and loss of business.
Having an environmental assessment done can also help you understand the complexities of local, state, and federal regulations. Your environmentalconsultant will be able to guide you to insure your complaince with these regulations, thereby avoiding costly fines and penalties.
Environmental risks may also affect the value of the property. An environmental audit can then be used to negotiate the purchase price of the property, or to determine if the costs associated with clean-up are worth the investment.
Environmental audits can also serve to protect the public health and the environment. By identifying and addressing any risks, possible contamination crossovers can be avoided. This can be especially important to sensitive business types, such as medical or food, as well as protect the neighboring environment or residential areas.
While you may not be required to have an assessment completed before your purchase, doing your due diligence may save you money, protect you from liabilities or lawsuits, help you make informed decisions, and protect the public health and environment.
For your investment, and your peace of mind, call