Is Zoning report & phase I environmental test always necessary
Hello BP,
I asked a similar question before, but let me clarify. When buying apartments....
Zoning reports - Is this always required? I've read that in some states like NJ, it's required for all commercial transactions. I'm talking about other states. This is for a mixed-use property with MF apartments and a small commercial space. What is the cost that one can expect to pay?
Phase I environmental inspection - I see a wide range of opinions here. Do I always need it? Or if the subject property is close to gas station/self storage/cleaners/car wash/other concerning neighbors? And what constitutes "close proximity?" What if the gas station is like 2 blocks away? 1/2 mile? 1 mile? Does the phase I include water quality testing for lead and other impurities? How about mold in the building? How much can one expect to pay for this kind of inspection for a 20 year old apartment, single building, 20-40 units?
Thank you.
Most Popular Reply
When we do Alta surveys on complexes, the zoning report is always in the lenders list of requirements. The phase one I don't always see.
Clint