Environmental
A Connecticut buyer discovers after purchase that the property was formerly used as a gas station. Their first step should be to:
AContact the seller for a refund
BConsult an environmental attorney and hire an environmental consultant to conduct a Phase I/II assessment✓ Correct
CPlant trees to absorb contamination
DNotify the Connecticut Real Estate Commission
Explanation
Former gas station sites may have petroleum contamination from underground storage tanks. The buyer should consult legal counsel and hire an environmental consultant to assess contamination levels and determine cleanup obligations.
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Key Terms to Know
Debt-to-Income Ratio (DTI)
A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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.
Math Concepts
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