Working with an Environmental Consultant
Commercial real estate property transactions can be impacted significantly when a buyer discovers environmental issues pre-closing. These issues can include leaking underground storage tanks, buried industrial waste, poor quality fill material, improper handling of hazardous substances, historic PCB usage, asbestos containing materials and other areas of concern. For those with a financial stake in real estate deals, it is critical to determine if potential environmental problems will lead to expensive cleanup and possibly lengthy litigation. Engaging the services of a full-service environmental consulting firm is an important first step. Atlantic Environmental Solutions, Inc. (AESI) is a full-service environmental consulting firm that addresses issues associated with the evaluation of commercial and industrial properties under due diligence. When working with lenders and property buyers, our team routinely performs Phase I Environmental Site Assessments (ESA) to evaluate existing and potential hazards. This is essential to establishing “innocent purchaser” or “bona fide prospective purchaser” status, which can help limit the new owner’s liability should the property be found to pose an environmental risk.