ENVIRONMENTAL ISSUES

Source: Essential Facts-Real Estate Management

WG & L: Joseph DeCarlo (Warren-Gorham & Lamont)

Since the 1970’s, federal, state & local governments have taken aggressive measures to deal with the effects of pollution on the environment. Laws mandating the clean-up of contaminated land, water & air have proliferated. These laws affect rental property owners in a variety of ways. In managing and maintaining the property, & when purchasing or selling the property, Landlords must be aware of contamination of land and the presence of hazardous substances, (e.g., radon, asbestos, lead-based paint).

The environmental laws impose strict rules, & heavy penalties in the event of non-compliance. Innocence of environmental problems will not help a Landlord avoid responsibility-property owners are required to take a proactive stance in discovering and dealing with environmental issues.

ALERT FROM Crossett Real Estate Services

*If anyone can read the local papers, our area is now experiencing the “meth explosion”, a surge in methamphetamine use, creating financial, legal & health implications from “meth” labs being set up & dismantled in apartments, on properties.*

One of the most serious environmental problems is contaminated property-properties that contain dangerous levels of hazardous substances (e.g. asbestos, carinogens, dioxins, lead, pesticides, or radioactive wastes.) How does this effect property owners? Many buildings contain Tenants involved in activities that impact the environment. (see meth labs):

(Environmental concerns cont. March 2006 Tip of the Month)