The Issue
The buying and selling of property has become increasingly difficult with regulatory and environmental issues often affecting the property. The net worth of a property may be affected by cleanup costs, permitting, environmental litigation, land use restrictions or health/ environmental issues. At risk are buyers, sellers, and lenders. The Federal Deposit Insurance Corporation issued "Guidelines for Environmental Risk Programs" recommending that lending institutions have in place appropriate safe-guards and controls to limit exposure to potential liability associated with real property held as collateral.
To avoid or identify problems early on, many organizations have developed protocols for evaluating environmental issues for properties. Increasingly, many organizations use a generic format adopted by the American Society for Testing and Materials. Different states also have regulations in place governing the environmental aspects of property transactions.
The level of complexity and scope of inquiry continues to escalate as new concerns emerge affecting each property loan or asset. The Princeton-Somerset Group's high level of quality and extensive experience can focus on these issues to assist you in minimizing asset risks, and to seek innovative solutions when necessary to preserve asset value.
Corporate Affiliations
- Mortgage Bankers Association
- A.M. Best - Best's Directory of Recommended Insurance Attorneys and Adjusters
- Ecological Society of America
- American Chemical Society
- Air & Waste Management Association
- Water Environment Federation
- Environmental Auditing Roundtable
- Society of Environmental Toxicology & Chemistry
- Society of Wetland Scientists
- American Society for Testing & Materials (ASTM)
- American Institute of Environmental Property Auditing