We have made a cash offer on a warehouse property (17,000 square feet). The property is being sold with all the junk/debris that is inside included. We would be purchasing at a substantially below market price.
We will be allowed to conduct a phase I during due diligence. I did not see any barrels containing who-knows-what contaminants inside the building.
Would I need to take a video of all the contents at contract signing and then inspect on day of closing to ensure nothing has been added? Is there anything that we would need to consider in buying this with random junk included?
Thanks in advance for any thoughts.
It would probably be a good idea to video the contents of the warehouse. You should also make sure you talk to your attorney about a release of any liability if somebody claims ownership of any items after the closing and you have discarded the items.