18-48.When a lender requires a borrower to hire a specialist to explore the property,including its history of use and its current physical condition,this is referred to as:

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Requiring a borrower to hire a specialist to explore a property's history of use and its current physical condition is called an environmental audit. This assessment helps identify any potential environmental liabilities that may exist, such as contamination or hazardous waste, which could affect the property's value or pose a risk to future owners.

18-48When a Lender Requires a Borrower to Hire a Specialist