Landowners who find themselves holding on to a parcel unexpectedly are sometimes unaware of liability issues that can be associated with their properties. Some questions they may want to consider are:
- Does the property fall under National Pollutant Discharge Elimination System NPDES reporting requirements? If so, the owner could be subject to extensive fines from the EPA.
- Are there other regulatory permits needed or in need of on-going reporting to maintain their active status?
- Are there storm water management facilities within your property?
- Does your liability insurance adequately cover you?
- Are there site-improvements on the property that could pose a threat to safety? For example, missing manhole covers or inoperable fire hydrants that have not been accepted by the municipality could result in tragic consequences.
- Are you subject to obligations or requirements within the annexation or development agreement? Time sensitive requirements, such as payment of fees, completion of improvements, letters of credit expiration, could affect the overall status of the development as well as the value of your investment.
If you have a residential development in your portfolio, paying attention to these issues may be critical to protect you and the value of your property. LandPath has the expertise to examine potential liability issues and prepare recommendations to lessen your exposure.