Real estate transactions in California involve many moving parts and environmental considerations are one issue that could be overlooked.
Environmental issues can arise at any point during a real estate transaction. If they are not addressed, they can disrupt the transaction or lead to a major risk of liability for a buyer or seller.
Here are some common types of environmental issues to look for.
Mold and radon
Mold grows in damp and poorly ventilated areas. Mold causes major health problems, such as asthma and allergic reactions. Asbestos is typically found in older buildings. It is a naturally occurring material that was previously used in building materials. Inhaling asbestos can cause cancer.
Radon is a radioactive gas that can creep into buildings from the ground. Radion is odorless and colorless, which is part of what makes it so dangerous. Inhaling radon can cause lead poisoning, which could result in several serious health problems.
Land contamination
Land contamination can occur for various reasons. Some involve the actions of prior owners, such as conducting manufacturing operations, while others involve naturally occurring conditions, such as leaks, spills, hurricanes or floods.
The seller may be liable for land contamination depending on their responsibility for the contamination.
If environmental problems are found, you may have some options to resolve them and successfully complete your transaction. You must first locate the source of the problem and determine accountability.
How to reduce the risk of environmental problems
Have an environmental assessment conducted before buying or selling real estate. If you are a buyer, do your own research on the property’s history and ask the seller about any known environmental problems.
Identifying and properly managing environmental issues can protect a buyer and seller and ensure a smoother real estate transaction. Sometimes an environmental consultant will need to be used to thoroughly assess the issues.
Overall, it is best to obtain reliable information about the property and address and environmental issues efficiently and thoroughly.