By Ryan Reynics | Published September 27, 2024 on GlobeSt.com
In commercial real estate transactions, particularly for those convenience stores (C-stores) with gas stations, conducting the Phase I Environmental Site Assessment (ESA) is traditionally considered to be the buyer’s responsibility. The Phase I ESA is an integral tool during transactions, used to identify potential environmental liabilities associated with a property. However, sellers can also benefit significantly from conducting a Phase I ESA before listing their property for sale.
By initiating a Phase I ESA prior to the sale, sellers can address several critical aspects of the transaction, including expediting the transaction process and gaining an understanding of the environmental conditions that will allow the seller to be more proactive during negotiations. Additionally, the reports can be dual-purposed, helping to satisfy the lender’s due diligence requirements and/or facilitate the buyer’s insurance underwriting process, saving time and resources.
In this Globe St. article, Ryan Reynics discusses reducing the risk in selling convenience store properties.
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