The Environmental due diligence in BC is a method to assess real estate properties for any kind of risk of environmental contamination. This process is ideal for individuals who want to buy a real estate property, whether it's industrial, residential or commercial.
Hidden environmental liabilities have become a massive issue these days and are experienced by many homeowners. They face numerous problems when they buy a property that has not been inspected for environmental due diligence.
Companies that dedicate themselves to protecting the environment set up all the standards and regulations of environmental due diligence. These companies also decide the type of assessment required based on different factors of a property.
- Why is environmental due diligence compulsory?
The environmental due diligence is mainly needed by lending institutions right before they can fund a real estate purchase and accept collateral for the construction loan. They also might have to assess this process to refinance a current loan.
This process will also be needed by all the public companies right before they release the funds for projects, which are related to real estate improvements and developments.
- How will people benefit from environmental due diligence?
Individuals who buy a property will surely benefit greatly from environmental due diligence. This process can lessen the chances of a person buying real estate that contains issues created by past owners.
Furthermore, environmental due diligence will also provide effective legal defence if any problem takes place.
- How will environmental due diligence protect you?
Let's say that environmental due diligence was conducted right before buying a specific property. The buyers will get protection from being held responsible for all the pre-existing problems or contaminations on the property.
Suppose you are planning to buy a property in Vancouver and environmental due diligence in Vancouver is not completed, you as the new homeowner will be held accountable for fixing the contamination present in the real estate property.
This will lead to a waste of time, money and energy, and because of such reasons, performing the process of environmental due diligence before buying a property is compulsory.
- How much will environmental due diligence cost?
The Phase 1 Site Assessment can cost you around $1500 to $6000 for all residential and commercial properties. The price range is pretty extensive because certain variables can easily affect the price of conducting this particular process. Some of these variables are
- Property's location
- Consultant's travel cost
- Number of real estate properties
- Property's physical features
Last Words to Share
The environmental due diligence in Vancouver is a crucial process which every home/property buyer should perform before they purchase any real estate property. That way, they will keep themselves safe from spending their funds on repairs or damages which were caused by the past owners.
Shane Aston is the author of this article. To know more about Environmental Site Assessment please visit our website: nextenvironmental.com