edit - November update, this one was posted as sold I would love to know the terms of the deal and the assumptions made regarding liability of potential contamination from the old gas station
I believe the standard contract requires disclosure of material defect in a property. A pretty significant defect would be contamination from the former gas station next door to your project. Should a property such as the one shown below even be allowed to marketed without a phase 1 or 2 assessment completed? I’d argue no. For the listing realtor to say they don’t have any environmental reports yet wants to sell anyway should create a serious liability for defect related compensation. But does it? If this property sells to someone and contamination is found, what happens next? While I believe this property is currently untouchable, if I did own it, I’d probably commission a drill crew to take soil samples to at least provide some information. If that sounds like no fun and expensive, you’d be correct. At that point you’d offer some certainty on a major deal breaker. Right now is there a buyer for this land?
