When buying a gas station in Washington State, don’t forget to put the contingency into your purchase & sale contract is the phase I, phase II ground contamination test.
Of course, the Loan lender demands it and otherwise you will not able to get the loan, but it is this phase I, phase II study that will keep buyers from future threats.
Phase I, Phase II study & test is very expensive, but buyers are encouraged to pay this money and do it no matter what. Even if the real estate agent doesn’t speak, the buyer should put this clause into the contract and finish the study to make sure there are no problems.
In particular, this phase I phase ground contamination test study must be performed for buyers who give cash.
Usually, you have to order a phase I report first to the company who do the ground contamination test. If there are no problems with this phase I report, due to history of around the area, you can normally end up in phase I. However, if there is a problem in the phase I study, the reporter tells you or lender to do a phase II study. At this time, the buyer and lender must order the phase II and, depending on the result, whether to buy or give up buying this gas station, or whether the seller repairs it and cleans it and sells it. You have to negotiate with Seller very carefully.
You are the buyer or seller for gas station, need a help on gas station transaction? Call gas station & hotel specialized broker Paul Kim (206.304.1099)
Licensed broker State Of Washington
Good information, Paul, thanks.