Mold-related incidents in commercial real estate transactions cost an average of $11 million to remediate, according to a new poll of high-profile developers and banking executives conducted by the Environmental Assurance Group (EAG). In addition, more than half of the respondents were aware of mold issues either delaying or revaluing a deal. When asked what kind of environmental contamination they feared most in a real estate project, more than half of those surveyed cited mold. Asbestos ranked a distant second followed by mercury and radon.
"This survey confirms the worst fears of major stakeholders in the real estate business--mold is costing big money," said Charles Perry, principal of EAG and a member of the Mortgage Bankers Association mold task force.
Source Citation:Halm, Karen. "Mold dampens deals." Journal of Property Management 70.2 (March-April 2005): 6(1). Academic OneFile. Gale. BROWARD COUNTY LIBRARY. 26 Aug. 2009
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