Check to see If there are any specific street design requirements, DOT requirements, permits or traffic studies, DWQ, Army Corp or any other environmental requirements or permits. 

I just want to make sure I'm protected and not leaving the door open for him to charge me for an unlimited amount of repairs under $100 when I move out...even if I'm not responsible.

(a) Any protected tenant may terminate his or her rental agreement for a dwelling unit by providing the landlord with a written notice of termination to be effective on a date stated in the notice that is at least 30 days after the landlord's receipt of the notice.

I have found it protects the next guest and the housekeeper as I have had guests accuse the cleaning crew of taking items they 'know' they left.

@Joe Delgrosso, look up the Homeowner's Protection Act (HPA). 

As Timothy pointed out, if there is value the lender will likely bid it up to protect their position.

2) Does it help to sort of protect assets?

Nobody, not even the state dept. of environmental protection, could figure out where the odor was coming from. 

Very good practices to protect yourself. 

It's a bit obnoxious, but it's done to protect the seller and prove the legitimacy of the buyer.