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Block Environmental
  
23 Musick Suite 100  
Irvine, CA 92618 - USA  
(Located In Irvine Spectrum)  

(949) 455-0325  
Fax (949) 455-1958  

Email:  
eblock@blockenvironmental.com  

• If you are considering purchasing an industrial or commercial property, it is advisable to investigate the environmental conditions at the site prior to making a commitment to buy.  Industrial properties are frequently contaminated, for prior to the recent decades, it was not even illegal to dump toxic chemicals into the soil nearby a manufacturing facility.

• Where municipal water supplies are threatened, regulatory agencies will take vigorous action to force the owner of the property to clean up contamination. In the due diligence period, the prospective purchaser should hire his own consultant to investigate.  Should contamination be found or highly suspected, the purchaser then has the option of negotiating for a lower price or requiring the seller to pay for the cleanup.

•  Lending institutions also need to ensure that the properties they lend on have no environmental problems.  It is not unusual for cleanup costs to exceed the value of a property, thus erasing the collateral of a loan.  Thus, foreclosure on a contaminated property brings the cleanup problems and expense to the bank or lender.  Appraisers almost always include a disclaimer in their reports that states that any unknown environmental condition could significantly depreciate the property.

•  In this industrial age contamination may reside in the ground for decades without any significant reduction.

• Selecting a qualified consultant is important since this field is not as highly regulated as the construction industry with its frequent inspections.  Generally, you should hire a company who has an experienced registered geologist or professional engineer trained in hydrogeology.

 

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