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Article: ENVIRONMENTAL CONTAMINATION BRINGS CHANGES TO REAL ESTATE
- Article from:
- THE JOURNAL RECORD
- Article date:
- November 10, 1989
- Author:
CopyrightCopyright (null) The Journal Record. Provided by ProQuest LLC. (Hide copyright information)
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Environmental contamination of property is a factor that is
impacting real estate transactions and is responsible for a change
in the way contracts for commercial real estate are being written.
"Not that many years ago, before closing on a real estate
transaction, you had to make sure the zoning was proper and the
financing was in order," said Jim Austin, vice president and
resident manager for Coldwell Banker Commercial Real Estate
Services.
"Now, there is one more contingency that must be dealt with on
every sale. I cannot imagine a commercial property changing hands
without an environmental review."
Contamination of property can result in devaluation of property
and poses ...