ENVIRONMENTAL CONTAMINATION is fast becoming a contentious issue in the 21st century. As such, it is not surprising this is becoming one of the key factors in property transactions.
All aspects of contamination and compliance with environmental laws have emerged as an issue in negotiations between vendors and purchasers.
Generally speaking, a vendor will aim to sell a property ‘as is, where is’. Accordingly, the vendor’s preference would be for the purchaser to rely on its own enquiries; and therefore, buy the property in its present state of repair.
This would mean the purchaser buys the property subject to any pre-existing contamination, or non-compliance with environmental laws. [Read more…]