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re: Buying investment properties...
Posted on 6/9/14 at 2:24 pm to trillhog
Posted on 6/9/14 at 2:24 pm to trillhog
I used to own a gas station actually and did go through that.
You need to find out if the old tanks have been removed and get all the info on that if they have. Find out who removed them, who signed off on it, etc. I know here in LA you can't just leave abandoned tanks in the ground. They have to be removed and there is a strict process to doing it to get a clean bill of health to it. Cleaning up old gas tanks is thousands of dollars at the very least.
If not you could have serious title transfer issues going forward on top of the environmental.
You need to find out if the old tanks have been removed and get all the info on that if they have. Find out who removed them, who signed off on it, etc. I know here in LA you can't just leave abandoned tanks in the ground. They have to be removed and there is a strict process to doing it to get a clean bill of health to it. Cleaning up old gas tanks is thousands of dollars at the very least.
If not you could have serious title transfer issues going forward on top of the environmental.
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