Concerns When Buying A Home: Environmental Hazards
Hidden environmental hazards can affect your health—and be costly to remediate. They can affect the value of a property if they are not discovered before you buy. These hazards include but are not limited to water quality issues, buried oil tanks on the property, and the presence of lead or mold in the home itself.
The most common environmental hazard that confronts new home buyers is a buried oil tank on a property. It is important to know if one is there, and in what condition. If a buried oil tank has been removed by seller, most mortgage lenders require documentation that it was removed and disposed of legally and properly.
It’s important that you arrange with the appropriate professionals the inspections you require to properly evaluate any home you are considering to purchase. A good buyer’s agent is the source of the references you need. Here, again, a knowledgeable local real estate professional representing your interest can be invaluable.
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Note: The terms “buyer’s broker,” “buyer’s agent,” and “buyer representative” are used interchangeably on this site. All refer to a real estate professional who represents you—the buyer.
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