I have a vendor who bought a business property. 20 years later they wanted to sell and move to a bigger location. They go to sell and they find out the previous owners were a machine shop and a auto repair. They cant sell unless they clean up soil contaminated with oil/gas from 80 years ago.
If you buy a business property or even a house, what is to prevent this from happening? WHo knows what someone did on a property 50-100 years ago. I had a home inspection but they did not test the soil. Does the soil get tested on commercial properties? I am pretty sure gas stations get tested. Any other business properties get tested? There are thousands of businesses that use chemicals, petroleum and so on.
If you buy a business property or even a house, what is to prevent this from happening? WHo knows what someone did on a property 50-100 years ago. I had a home inspection but they did not test the soil. Does the soil get tested on commercial properties? I am pretty sure gas stations get tested. Any other business properties get tested? There are thousands of businesses that use chemicals, petroleum and so on.
