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Updated over 6 years ago,
Bank wants Environmental Form filled but Seller refuses to!
I'm looking at a multi-family property and one of the closing conditions for the bank to approve the loan is an environmental form that they want the seller to fill out.
The seller says that he would open himself to liability if he filled the form out and hence doesn't want to fill it out.
The seller and his agent are very difficult to deal with (rude, abrupt, and generally uncooperative) and the only reason I'm pursuing it is because the numbers look good and it's a strong property.
The bank says the only alternative to the form being filled out is to have an expensive Phase I environmental assessment done.
Are there any other alternatives to this? What are some solutions to move forward?