Attorney David represents a buyer in a complex New York commercial real estate transaction. The seller's attorney proposes a clause stating that all environmental liabilities will transfer to the buyer upon closing. The buyer asks David if this is standard practice. How should David respond?
Correct Answer
B) Advise the buyer that this clause requires careful consideration and recommend environmental due diligence before accepting such broad liability
Environmental liability clauses in commercial transactions require careful analysis. David should advise the buyer to conduct thorough environmental due diligence, understand the scope of potential liabilities, and consider whether to accept, modify, or reject such broad environmental liability transfer.
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A buyer's attorney in New York is reviewing a purchase contract and notices that the seller has not provided the Property Condition Disclosure Statement. The seller's attorney states that the seller will pay the $500 credit to the buyer instead of providing disclosure. What should the buyer's attorney advise?
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