Purchasing a commercial property is a major financial decision that, hopefully, will provide plenty of return on investment. However, as you may already know, there is a multitude of factors to consider before you buy commercial real estate, and a single oversight could cost you a veritable fortune. One of the most common mistakes made […]
Purchasing a commercial property is a major financial decision that, hopefully, will provide plenty of return on investment. However, as you may already know, there is a multitude of factors to consider before you buy commercial real estate, and a single oversight could cost you a veritable fortune.
One of the most common mistakes made when purchasing a commercial property is bypassing the environmental inspection. Although it is an extra expense, an environmental inspection may save you from time-consuming legal issues and expensive litigation down the road. Some environmental issues can render a property entirely unusable.
If you are interested in buying property in New York, turn to the experienced legal team at Solomon Richman P.C. A commercial real estate lawyer in Long Island will assess your situation, evaluate the purchase agreement and other contracts, and make sure you have taken the necessary steps to ensure you are making an intelligent investment.
We will help you arrange an environmental site assessment, and if the evaluation uncovers any issues, we will explain the potential ways to resolve them. Call 516-437-6443 today to schedule a free initial consultation.
Let’s take a look at three reasons why you should conduct an environmental evaluation before purchasing commercial real estate:
1. Identify Outdoor Environmental Issues
How will your project affect the surrounding environment? If, for example, you are building a manufacturing facility, you will probably have to make allowances for erosion and wastewater.
Also, there may be limitations on how you use a property due to its proximity to a service station or protected waters. Often, it is easy to overcome these issues by creating a site plan that accommodates them.
2. Identify Indoor Environmental Issues
Has the building been tested for radon and other hazardous fumes? Are there any gas leaks? If the indoor air quality is unsafe, you may not be able to obtain the necessary occupancy permits. You may be able to overcome these issues, but it is important that you do so before you purchase the property.
3. Satisfy the Requirements of Your Lender
It is likely that your lender will require that you conduct an environmental study before financing your project. You may even need to design a plan to comply with current environmental standards.
A real estate attorney can help you navigate the current environmental standards and avoid issues with local, state, and federal agencies. If you received a notification from a government entity that you have violated an environmental standard, your real estate lawyer can provide legal guidance to overcome the problem.
If you would like to speak with a commercial real estate lawyer in Long Island, turn to Solomon Richman P.C. Our law firm has been serving businesses in New York for more than 55 years, and we will give your case the individual attention that it deserves. Schedule a free initial consultation today by calling 516-437-6443.