Land Minefield... What every Real Estate Agent should know about Land Transactions...

You are representing a Buyer of a parcel of land.  The Seller provides you with a satisfactory Phase I ESA (Environmental Site Assessment).   Your Buyer is satisfied with that and all other "due diligence" and proceeds forward closing on the property. 

A few months later, several underground petroleum tanks are discovered on the property.  The clean up bill is substantial.  The Buyer now has to front the bill.  How is that possible?  The Buyer had a satisfactory Phase I ESA.   Yes, but the Phase I was done for the Seller.  One little omitted detail cost the Buyer a fortune. 

What could the Buyer have done differently?  Once the Buyer decides to move forward with the purchase, go back to the environmental consultant who did the Phase I, and ask him to update the Phase I ESA showing that it was done specifically for the Buyer.  That little change will save your Buyer a fortune in clean up costs.  Now the clean up will be the responsibility of the Seller, since your Buyer fully completed his due diligence.

Your Myrtle Beach Real Estate Connection, Mirela Monte

www.MyrtleBeachHomes.US