The years starting in 1950 saw a change in the way the environment is viewed,this accelerating in the 21st Century as the changing climate became an important issue. One of the major impacts is that developers now must take a lot more care when purchasing land,as any contamination could cause them many problems and expense.
With this change came legislation and regulations and environmental law gradually developed into a distinct area,one that overlapped that of construction law when carrying out due diligence on land purchases for new residential projects.
In fact more and more environmental issues came to the fore in the 1980’s than was the case before,the majority dealing with prior comtamination.
At first people didn’t know quite how to handle this problem,but over time legal practices evolved and were able to cover the required research into environmental issues,assisting people identify risks associated with any purchase. Putting it simply,purchasers need to know as much as they can at the start,so they can plan and deal with any highlighted issues.
This is why carrying out due diligence is so vital,especially as now,when you are building something,you are required to do an environmental review. The purpose of this process for a buyer of land is to obtain as much data as possible. When things are done the right way,it helps to see if contamination is present,identify risks and determine the effect they could have on the cost and timing of the development plan.
In some case there could be portions of the land that you simply can’t build on, but you won’t find out until you start digging. It could be seen to be a bit of a treasure hunt as “You don’t know what you’re going to run into until you get into the ground.”
The good news is that if some contamination is found it need not be the end of the development as it as it then gives builders and attorneys opportunities to be creative. It’s all a part of dealing with the challenges and opposition to a building project.
Plus,now there is the Brownfield Cleanup Program,which provides liability protection,financial incentives and tax payments that are available when you are cleaning up a site and redeveloping it.
Whenever you are purchasing real estate,there’s always the concern of what happened on that land historically,and due diligence in reality,is to make sure the purchaser knows what happened in the past. Basically,due diligence can be said to be down to asking the right questions at the very start of the purchasing journey,thus protecting the purchaser against liability. Once the risks are known,clients can decide if a project is feasible and can be financed and completed on budget.
See this interesting post for more information