COMMERCIAL PROPERTY BUYER'S BEWARE ! NJDEP Direct Oversite Could Impact Your Purchase !

If one purchases a commercial property that has property contamination issues pending, the new buyer may be responsible for posting a NJDEP required "Remediation Funding Source."
 
EAST BRUNSWICK, N.J. - Feb. 13, 2020 - PRLog -- Buying a commercial piece of property in New Jersey can be complicated. Having a Environmental Phase I & Environmental Phase II may not be enough to protect the buyer under the NJ Innocent Purchaser Law. Recently the NJDEP has been sending " Notice of Violations" to NJ Property owners who have not complied with the NJ Site Remediation Reform Act . If the property is sold during process and the property owner does not provide sign a remediation with the NJDEP and Post a Remediation Funding Source with the NJDEP the new buyer could be subject to future remediation costs and posting the remediation funding source if the seller sells the property prior to satisfactory NJDEP Remediation of the property.  Also if the property is in NJDEP direct oversite the new buyer may be responsible for old fines imposed by the NJDEP. Environmental Systems provides  a detailed review of NJDEP files for presence of past contamination issues. It not a enough for a quick  review during a Phase I Investigation. Environmental Systems also provides detailed Environmental Phase II Investigations that identify Soil and Ground Water investigations.
To obtain additional information call Environmental l Systems at 732-892-8707 or visit our website at www.allenvirosystem.com

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Tags:NJ Commercial Properties
Industry:Real Estate
Location:East Brunswick - New Jersey - United States
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Page Updated Last on: Feb 13, 2020
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