A Colorado buyer discovers the property was formerly a dry-cleaning facility and may have underground storage tank (UST) contamination. The buyer should:
Why Commission a Phase I Environmental Site Assessment before proceeding Is Correct
Answer B: Commission a Phase I Environmental Site Assessment before proceeding
Exam Tip: Environmental
Environmental questions test knowledge of hazards like asbestos, lead-based paint, radon, and mold. Know the disclosure requirements and when a professional inspection is required. CERCLA liability is strict, joint, and several.
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- A Phase I Environmental Site Assessment (ESA) in Colorado is primarily intended to:Environmental
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- A Phase II Environmental Site Assessment in Colorado typically involves:Environmental
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Key Terms to Know
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
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