Most companies will conduct environmental due diligence, normally called a Phase I study, prior to acquiring any real property. It is not uncommon for old underground storage tanks to leak or have signs of contamination from filling or dispensing from the tank.
Often purchase agreements will specify who has the responsibility for any environmental soil and water contamination that may be discovered at a later date. Normally a part of the purchase amount is set aside in an escrow account for a specified period to cover any issues that may be detected later.
Ted, you mention that underground tanks are a nightmare. Did you find anything to suggest that there is soil and/or water contamination on the APG properties?
GO PBLS!
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