Inch;
I went through this process recently in assessing the value of a commercial
property with a suspect soil condition. Two points:
If you hire a professional soils engineer/consultant to do an assessment,
the report is between you and the consultant. In this neck of the woods, at
least, there is no fiduciary requirement for either party to report to any
authority. The consultant can tell your friend if this is the case where he
lives. If he doesn't like what he sees, he can burn the report.
Second, there are a number of new technologies being developed that may
enable him to eliminate the contamination without risking personal
bankruptcy.
It is unfortunate that the property came to your friend as a potential
liability rather than a nice little testamentary asset, but there are two
issues here, a legal one and the moral one. You don't want to leave someone
else a legacy of contamination. Your friend's best approach is to have a
professional report completed with possible clean-up solutions and their
costs. If he doesn't like what he sees, he can burn it and just let the
propery sit. At least he has the leaky tank out of there and he's stopped
the bleed.
Dave
>From: Jim Juhas <james.f.juhas@snet.net>
>Reply-To: Jim Juhas <james.f.juhas@snet.net>
>To: epetrevich@relavis.com
>CC: shop-talk@autox.team.net
>Subject: Re: Big Problem
>Date: Thu, 15 Nov 2001 13:10:05 -0500
>
>My brother recently went through this with the removal of one tank, which
>as it
>turns out did not leak. He engaged a tank removal firm, with all the
>permits and
>such, to have the work done. I'll see him this weekend to try to get an
>idea of
>cost, what the possible cost exposure was, etc., just to provide some
>comparison.
>
>My concern would be the disclosure statement that banks and others require
>for
>the seller to give potential buyers. There must be penalties for being
>less than
>truthful.
>
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