NO! But your bank account might be because when it comes to environmentals there doesn't seem to be a limit on spending. A client of mine owns a small trucking company and he recently delivered a load of flowers to a store in an older mall. As trucks have become larger it was a tight fit and the truck bumped a concrete barrier breaking off a fitting on the fuel tank, spilling approximately 5 gallons of diesel fuel before the driver could plug the hole. An environmental clean up was called for, an absorbent material was spread over the asphalt, swept up and placed in a plastic garbage can and removed for burning. The cost - well over $5000.00. The moral - Beware!You will often hear your agent recommend a phase one environmental, this is basically a paper chase to see if any previous owners had any reason to have a toxic material on the premise, they run usually $700.00 to $1000.00
Phase two - In the event a phase one shows that there may be some concern i.e. a gas station, paint store etc. you are required to test the soil, this is usually done by drilling several holes on the property. Testing and monitoring for about 6 months and costing $30 to $50 thousand dollars, depending.
Now Phase three - The clean up - If the property is deemed suitable for clean up, all contaminated soil is removed and replaced with clean fill. The contaminated is usually taken to an area, spread about 6 in. thick, covered with lime and stirred every few months until clean. The cost almost unlimited, my experience $220,000 to $280,000.
Risk and Containment - In the event you cannot clean the property as all the neighbouring property is contaminated, this is called Brown Fields and you need a risk and containment study. This basically says if you cap the containment, a person could work a full career there without a health risk - cost around $50,000. If the property adjoining on both sides has had a risk and containment study, common sense would indicate the same would apply but that is not the case. If your phase two is not current it may not be accepted, also the city may have its own restrictions.
The main reason for all this is you cannot finance polluted property. There are a lot of environmentalists who feel containment is less harmful than a clean up. But it would not generate big money. In conclusion, I would like to point out the cost of these services can vary greatly from company to company. If you do your home work and avoid the hysteria , it is possible to get reasonable prices and do something beneficial for both yourself and the planet.