August 5, 2013
Purchasing unimproved real estate can be a risky proposition. Some lenders require the completion of a Phase 1 Environmental Investigation to ensure the absence of regulated contamination. A buyer can perform a detailed ALTA land survey with title work to verify the extent of easements, right of ways, and other public encumbrances. But the most difficult of due diligence investigations is known as environmental due diligence. Environmental due diligence evaluates the regulated aspects of development at the local, state, and federal level. For instance, at times a land owner must receive clearance from the Federal Aviation Administration prior to initiating development within a known distance from a regulated runway. In other instances, old cemeteries might be present on the property. And previously recorded cultural resources including Indian burial grounds or historically significant trails and old roadways might be present on the land. In other instances, the types of trees present on the site might be considered critical habitat for the protection of threatened or endangered species.
But the most common form of federal environmental oversight is associated with the regulation of surface waters including ponds, lakes, streams, and wetlands by the US Army Corps of Engineers. Under the Clean Water Act, specific regulations are set forth to protect such waters and the loss of such waters creates a requirement for the purchase of mitigation credits.
Scientists and engineers at Terra Technologies perform greater than 150 desktop evaluations annually. For more information about Desktop Evaluations, contact your local office of Terra Technologies.
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