Federal and state laws and court decisions have determined that anyone who has owned title to property may be potentially liable for the remediation of any environmental liabilities discovered on that property. A purchaser, lender, or refinancer of property can be held liable for environmental contamination that occurred at any time. Therefore, an environmental site assessment must be a key component of the real estate transaction process prior to the purchase of the property.
The purpose of the site assessment is to identify: the potential liabilities associated with a piece of property, the potential solutions to correct the problems identified, and the cost of implementing these solutions. The site assessment process is performed in phases so that only those tasks necessary to satisfy the current requirements are undertaken.
The site assessment process is often impacted by the time constraints of the real estate transaction. GREENSMITH conducts environmental assessments in a timely and cost effective manner while identifying potential risks that need to be considered during the real estate transaction process.