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Environmental risks could impact your real estate transaction

Environmental issues can play a role in real estate transactions. Take for instance the likelihood of a flood in an area; a flood that enters a home could cause water damage and make its value plummet. Even worse, it could mean fewer people want to buy the property.

Other environmental issues play a role in the value of property. For example, land contamination is a problem that has to be addressed. If a local business or industry is polluting the property, the risk has to be mitigated or, at the very least, measured and reported to any potential buyers.

If there are drinking wells or other parts of the property that could be impacted by pollution or environmental issues, it's vital to have these issues addressed. A new landowner may dig a new well out of the way of polluting sources or opt to have city water, for instance, piped in through safe water lines.

Another possible risk is mold contamination. Mold causes breathing problems among other health issues, and it can be a sign of a poorly vented property. This draws concern for good reason and could result in the failure to sell a property.

Environmental issues are a major concern for homebuyers and sellers alike. If there is an issue that could affect a transaction, it's worth getting more information about it and talking to your attorney about ways to protect yourself and the transaction. Taking precautions now can help you make a good decision about this purchase or sale and help you avoid unexpected expenses in the future.

Source: FindLaw, "Environmental Issues in Real Estate Transactions," accessed May 25, 2018

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