All Forum Posts by: Rich Thomas

@Lawrence P. Schnapf so the lender has decided to move forward with a Phase 2 because they found on old maps that there used to be a laundry mat next door many years ago. Does this automatically mean that they will find something because a neighboring business used to be a laundry mat? The site of the laundry mat is now a strip mall which was built in the early 1990s. Maybe the strip mall did remediation back when they built?

How long does it usually take to get results back from a Phase 2 test ? I believe they are putting a rush on it as well...

@Lawrence P. Schnapf for example, if there was a dry well on the property would that automatically call for Phase 2 testing? I understand that there is not any actual testing done during the Phase 1....

@Lawrence P. Schnapf if any of these things existed in the past will that call for an automatic Phase 2? Or is it more discretionary depending on the person doing the report etc? Im sure there must be some type of standard that the proffesional go by...

@Bob Solak thank you sir!

@Lawrence P. Schnapf the current use of the property is a tattoo shop and a hair salon. Upstairs is residential units. The building is almost 100 years old but I was told originally it was used as a grocery store and then after that it was a video rental store...Do you think any of those uses would be cause for a Phase 2?

I have a property under contract and the lender has just requested a Pahse 1 environmental study be done. The property has never been used as a gas station or laundry cleaners etc. the only thing I can find if years ago there was a gas station across the street and a Laundry mat on the same block.

Will a Phase 2 automatically be required because these types of business’ were near my property? Is there any type of guideline that says a Phase 2 is needed if one of those types of business’ was near your property? I dont believe either of them were actually touching my property...

@Ashish Acharya. Thank you for the reply. We have both lived in the home for 5+ years together as a married couple. I just wanted to confirm that it was ok if my spouse was not listed on the deed...

Hello-

My wife and I are selling our primary residence which we have owned and lived in for 6 years now. I inderstand married taxpayers can exclude up to 500k in capital gains. However I purchased the home prior to being married to I am the only one on the deed. Does my wife need to be listed on the deed for capital gains exclusion?

@Steve Morris we are building a new property in a QOZ with a QOZF. Thanks for your input steven.

@Sean Morrison thats correct, I an the sole owner of the LLC. I think it will be ok to use this LLC to purchase another property.