Environmental Phase 1 for a small office building
Hi Guys, I'm in contract to purchase a small office building in downtown Allentown. I'm buying the building without a bank loan so I'm not required to do a Phase 1 report. The seller has been occupying the building as an office for the past 60 years so I doubt there is any environmental issue but there is an above ground oil tank in the basement which is used for heating. I'm not sure if there has been any dry cleaners next door many years ago but I don't see any around the block currently. I'm debating if it's worth to pay $2k-$3k for a phase 1 report? Just wondering if anyone has ordered a phase 1 report and then realized that it's not that useful.