Do I Really Need to Worry About a Property’s Environmental Past?
Investors or developers interested in purchasing a piece of property need to do their due diligence to make sure the investment is financially sound. This means making sure that the zoning will allow you to put the property to its desired use, and making sure that the property has clear title. It also means making sure that there is no environmental damage to the property that could affect its subsequent use.
It is necessary to worry about a property’s environmental past because there are serious risks associated with a polluted or contaminated property. An experienced Las Vegas, NV real estate lawyer can help you to explore the past uses of a property and to otherwise do all necessary research to protect your financial investment. Call today to schedule a consultation with Pintar Albiston LLP to learn more about how an attorney can help with your real estate transaction.
Why You Need to Worry About a Property’s Environmental Past
You need to worry about a property’s environmental past for many different reasons. If the property has been polluted or is contaminated, consequences may include:
- The inability to use the property. If the property is polluted, you will not be able to live on it or build upon it safely. You cannot build any type of commercial, industrial or residential building on a property that is not safe to be inhabited because of toxins or chemicals. You may need to undergo an expensive clean-up and remediation process, if you are even able to use the property at all. Future tenants or buyers may also be put-off by the fact that the property was polluted even if you have tried to remove the hazards.
- Cleanup obligations under CERCLA. The Federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) imposes responsibility on property owners for environmental cleanup costs. Even if you did not make the mess or pollute the space, you could be on the hook for millions of dollars in cleanup costs if you are the owner of a polluted property.
- Environmental tort lawsuits. Employees, tenants or individuals who live near your property could be exposed to the pollution, toxins or hazards on your property and could get sick as a result. When someone gets sick because of your negligence in identifying and remediating environmental problems, you could be sued and made to compensate them for damages. Personal injury or wrongful death damages in environmental tort lawsuits can be very expensive if the victims experienced a serious illness or died due to the environmental problems.
You do not want to take a chance of incurring huge expenses for an unclean property because you didn’t worry about a property’s environmental past. You need to get help from an experienced Las Vegas, NV real estate attorney in investigating any property that you are considering buying in order to make sure you do not face unexpected risks of liability. Contact Pintar Albiston LLP to schedule a consultation and learn more about how an attorney can help you.