Meredith Harris is a Principal Engineer for Roux, an environmental engineering and consulting firm. Meredith walks us through Phase 1 studies and why they are crucial to the acquisition due diligence process for investors. She also covers the proper environmental due diligence you should complete on a residential transaction. Meredith goes over New Jersey’s Preliminary Assessment Report and the Licensed State Remediation Professional program.
Meredith goes over the potential dangers and escalating cost of closing on a commercial property without getting environmental studies done and what most lenders will require when you pursue financing. She discusses how most environmental issues are not visible to the eye and how a trained professional can identify possible issues that also help investors renegotiate with the seller once an issue has been identified. Meredith goes into detail about underground storage tanks, how most of them fail, how to remediate, and the escalating cost of removal.
