Phase One Engineering Study
Having seen more than a few contaminated properties, I can tell you first hand…you don’t want to be involved in owning one. The environmental study will look for any documented releases on your property or in the vicinity of contamination, letters of closure from your state agencies, UST’s (underground storage tanks), etc.
Historical aerial photos will show previous uses of the property which may be suspicious. Materials used in the property may prove expensive to re mediate, such as asbestos in floor tiles, insulation and walls.
A buyer should always hire an attorney for the docs and survey review and relative professionals to do specific inspections.
These are some of the most basic items of due diligence. A fully exhaustive list and relative explanation would take many pages. This is one of many reasons why you need to utilize an experienced commercial real estate broker when purchasing or leasing office or industrial property.
Looking for Warehouse, Office or other space in Houston or elsewhere? Needing to renew your lease?
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Centermark Commercial Real Estate specializes in Industrial and Office in the Greater Houston area. CCRE is the exclusive affiliate broker for WarehouseFinder.NET in Houston, TX.