Environmental
A seller's property sits adjacent to a former gas station site. The most important first step for the buyer to take is:
ALower the offer price by 25%
BCommission a Phase I Environmental Site Assessment✓ Correct
CAsk the seller to sign an indemnification
DWalk away from the transaction
Explanation
A Phase I ESA is the appropriate first step to identify potential contamination from the adjacent gas station site. If RECs are identified, a Phase II investigation (soil/groundwater testing) would follow.
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