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Updated over 7 years ago,
property with an environmental issue
I am evaluating a property that has environmental issues. Potential responsible parties ae identified and most remediation work is done with one open case to be remediated by 2019.
The subject property is a neighborhood strip center with existing tenants and with a vacant units providing an upside potential.
A few questions:
1) How can I protect myself from already identified issues - just in case, if there are any additional future challenges? Is there a law (like brownfield type in Georgia, I read on this forum) that relieves new buyer from existing/already identified issues? Something to be included in contract of sale?
2) Is there an insurance rider for environmental protection?
If any fellow members have experience with this situation or any subject matter experts on this forum can share thoughts, it will be very helpful.
Thanks