ENVIRONMENTAL ISSUES & REAL ESTATE WITH MCQS
Environmental issues are such that routinely arise in all types of real estate. The most common environmental concern with regard to real estate transactions is land contamination. This may arise or originate either from the activities of the owner of the land, either present or past owner, collectively known as on-site sources OR it may originate from the off-site sources.
Since the site owner’s liability may vary depending on the context in which the contamination arose, locating its source is important in order to quantify the potential risk and locate responsibility. Moreover, such issues may become even more complicated if there are drinking water supply wells on or near the property.
Another Environmental concern is the Mold Contamination, which basically occurs in buildings that are poorly constructed or lack adequate ventilation. Due to air circulation, different types of mold might breed in a building basically on walls. In normal circumstances, the mold contains moisture which results in physical damage to the building or the structure but there are certain cases wherein the molds are toxic in nature which results in medical conditions.
In the recent past, there are certain cases/lawsuits wherein the injured party succeeded in securing substantial personal injury which occurred due to the toxic molds. In the past few years, the insurance industry is also paying a lot of attention to the claims related to molds which include both, damage to the property as well as the personal injury. Nowadays, the presence of molds is becoming a very important issue for all those who own either residential or commercial, or industrial buildings. Individuals or rather the owners are not just concerned about the property which is being ……………… READ MORE
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