Most commercial mortgage lenders today require a toxic report. Suppose a lender forecloses on a property. If the property is contaminated, the lender may be forced to clean up the pollution, even though the lender did not own the property when the contamination was released into the ground.
As a buyer, you should have a similar fear. If you buy a contaminated property, you will almost certainly be required to clean it up, possibly at a cost of millions of dollars. Millions of dollars? Yikes! "But George, I wasn't even born when this contamination was released by that old dry cleaning plant."
As they say in Russia, "Toughpoopski." The owner of a polluted property is strictly liable for it's clean-up. Strict liability means, "I don't care if you're innocent!" Scary, huh?
This is why I personally trust only one environmental engineering company, ADR Environmental. They have won my confidence over the years by discovering numerous potential threats. At the same time, they have saved many of our deals by proving that certain risks were negligible. The fact that they carry $6 million in Errors and Omissions Insurance also helps me sleep at night.
To order a toxic report (their prices are among the very lowest), I recommend that you call Ron Kern (nice guy!):
ADR Environmental, Inc.
1425 River Park Drive, Suite 201
Sacramento, CA 95815
Mobile: (916) 425-1977
Click here to get a quote on a Level I or other Due Diligence Report