Realtors Be Aware of Commercial Property Transactions

Realtors Be Aware of Commercial Property Transactions

In order to represent a buyer or seller in a commercial property transaction, realtors need to be informed about the environmental condition and status of the property before entering into escrow.  No one wants to be in escrow only to find out that environmental problems are going to plague the deal, and no realtor wants the liability of transferring a property that is not clean because the costs can be enormous to your reputation and pocketbook.  In the next 5 years, approximately 20% of the brick and mortar stores are expected to close because of competition from online sellers.  Closure of businesses will seriously impact commercial strip mall properties as anchor tenants leave buildings and store fronts go empty.  Property owners will want to sell these prime parcels and rezone them to residential use but almost every strip mall has had a dry cleaner or laundry facility in it at one time.  Historic contamination of chlorinated solvents in soil and groundwater beneath the strip mall properties will cause a serious problem during the property transaction, and a savvy realtor knows to look ahead for these pitfalls so that they are identified upfront and can be managed.  DARA.News provides educational information to realtors so they can be better informed about environmental issues with commercial property.

 

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