Environmental issues can make a real estate transaction go south faster than almost anything else. Imagine wanting to purchase a property and getting halfway through the transaction before you find out that the land had been contaminated or that the home is essentially lined with mold. It could be devastating and ruin your prospects for purchasing a home.
Some possible environmental issues that could arise include finding lead paint, discovering radon on the property or finding asbestos in the walls of the home. Each one of these environmental factors is dangerous to you and your loved ones, and they must be addressed as soon as possible. Fortunately, you can usually test for these problems before finalizing your purchase.
Radon can be tested for, and it can be determined if there are safe levels in the home, air and water around you. Asbestos must be identified by a professional and dealt with. You can even have the paint in a home evaluated for the presence of lead.
Even worse is if these issues arise after you've already purchased the home. This is why it's important to talk to an environmental consultant if you have any concerns about the property. It is a one-time cost to guarantee that the land around your home and the property are safe. If they aren't, then you can seek changes before you go through with the purchase or negotiate a better purchase price.
If you have a property that you've discovered has environmental issues, there may be a way to recover some of your costs. Your attorney can talk to you more about the possibilities of a lawsuit or other options to pursue compensation.
Source: FindLaw, "Environmental Issues in Real Estate Transactions," accessed Sep. 08, 2017