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If you are considering the purchase of a gas station in New York or New Jersey, the following articles by Charles N. Internicola, Esq. address important issues that you should evaluate and discuss with your business lawyer prior to signing any purchase agreement and prior to closing on the purchase of a gas station. These articles address issues involving tank ownership, environmental site assessments, pre-contract due diligence, potential impact of road repairs and how to approach the purchase of a gas station.
In this article learn about three important factors to consider including whether or not the gas station is franchised or independent, the environmental history and ownership of pumps and tanks.
Learn why you need an environmental site assessment even if you are only purchasing the gas station business but not the underlying property. As a tenant contamination and potential remediation may have a big impact on your new business.
In this article learn about the critical role of due diligence when buying a business and particular due diligence issues that are unique to gas stations.
In this article learn why you must obtain the landlords consent when purchasing a gas station. This consent is necessary even if the lease says otherwise.
Not a major issue but nevertheless an important due diligence factor to consider before signing any purchase agreement. Are there significant road repairs planned that may impact traffic flow?
An environmental evaluation must start with a phase I site assessment which is, basically, a review of environmental records and history. Depending on the results a phase II study involving soil samples may be needed.
In this article learn more about the steps to follow before signing a purchase agreement.
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