In the world of real estate there are so many factors that can alter a potential deal. One of the higher risk factors for both the buyer and seller is the unknown cost to remediate a property. If your Phase I turns into a Phase II, both parties in the transaction may shudder at the possibility of having to further investigate and remediate the site. But the good news is that being prepared may save you not only a headache but can prevent you from sinking your deal or breaking your budget. A comprehensive Remedial Cost Estimate (RCE), or an Opinion of Cost, can help to quantify and mitigate the environmental liability of a site deemed to be impacted during the Phase II. An RCE is the key to calculating the greatest amount of risk mitigation and costs associated with these unknown factors.
What is a Remedial Cost Estimate?
The RCE would typically be completed after a subsurface investigation and/or site characterization confirmed the presence of and extent of contamination at a site. The more data is available, the more comprehensive and accurate the RCE will be.
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