Importance of Environmental Due Diligence
Buying property is not without risks. When you buy industrial, domestic, or commercial property, you own not just the property, but also the environmental liabilities it may have. That's why you need to do some homework before you seal any deals. What is Environmental Due Diligence? Environmental due diligence is a process where land or property is assessed for the possibility of any environmental contamination risks like contamination in soil or groundwater. Prospective buyers will need the assistance of environmental consultants to conduct a thorough environmental due diligence assessment to determine whether there is a need to renegotiate the sale or look for better properties elsewhere. Reasons for Environmental Due Diligence There are several reasons why it is essential to have an assessment done. Some of them are: After the land has been sold, the buyer assumes the responsibility for cleaning up contaminated land. If the contamination was because of a third part...