Written by Joanne Morgan of Ward and Smith, P.A.
More on pre-closing due diligence with commercial real estate.
Last month we explained the importance of the due diligence period, during which one should conduct a thorough title examination as well as a detailed survey of the property under consideration.
Even though you may have had nothing to do with causing contamination, unless you conducted “all appropriate inquiries” to discover whether contamination exists prior to closing, once you own the property, you’re going to be legally responsible for any clean-up of contamination of the soil or water that’s discovered to be existing upon, or underneath, the property.
The full article continues below. Click to open in fullscreen…