A New York commercial property buyer discovers that the building's previous tenant operated a photo processing lab that used various chemicals. The tenant vacated two years ago and the space has been vacant since. What environmental due diligence should the buyer's agent recommend?
Correct Answer
C) Perform a Phase I Environmental Site Assessment to identify potential chemical contamination
Photo processing labs historically used various chemicals including silver, developers, fixers, and solvents that could have contaminated soil, groundwater, or building materials. A Phase I Environmental Site Assessment will systematically identify potential contamination sources and recommend appropriate testing if concerns are identified.
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A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
Many states and localities have fair housing laws that expand upon the protections offered by the federal Fair Housing Act.
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