Environmental
In Hawaii, a property buyer discovers during due diligence that the property has a leaking underground storage tank. The buyer should:
AClose the transaction as quickly as possible
BConsult an environmental attorney, obtain a Phase II ESA, and assess cleanup costs before proceeding✓ Correct
CSimply disclose the issue at closing
DRequire only a visual inspection of the tank
Explanation
A leaking UST is a serious environmental liability issue. The buyer should get a Phase II ESA (soil and groundwater sampling), assess remediation costs, and consult legal counsel before proceeding with the purchase.
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Key Terms to Know
Zoning
Local 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.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
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