Environmental
Which of the following Vermont properties is most likely to require an environmental site assessment before financing?
AA newly constructed single-family home in a subdivision
BA former gas station being converted to mixed-use development✓ Correct
CA farm that has been in continuous agricultural use for 50 years
DA lakefront cabin with no known prior commercial use
Explanation
Former gas stations often have underground storage tanks and petroleum contamination. Commercial lenders typically require a Phase I Environmental Site Assessment (ESA) and possibly a Phase II for properties with known or suspected environmental concerns.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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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