Phase I Environmental Site Assessments
PM Environmental completes comprehensive Environmental Site Assessments (ESA) in accordance with the (1) United States Environmental Protection Agency (USEPA) Standards and Practices for All Appropriate Inquiries (AAI), 40 CFR Part 312} and (2) guidelines established by the American Society for Testing and Materials (ASTM) in the Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process/Designation E1527-21 (ASTM Standard Practice E1527-21): Phase I Environmental Site Assessment, for real estate transactions, property development, bank financing, refinancing and foreclosures, and other in-house proactive audit programs.
The purpose of a Phase I Environmental Site Assessment is to gather sufficient information to develop an independent professional opinion about the environmental condition of the property and to identify actual or potential environmental contamination, which may impact the property value or affect claim to an “innocent land owner” exemption following acquisition.
Phase One Environmental Site Assessments (ESAs) should be an essential step in acquiring commercial or industrial property, but there are many questions stakeholders have about Phase I ESAs. Phase I Environmental Site Assessments are the introductory phase of investigating if there is a potential for environmental risk or contamination on a property that would affect its value and if additional investigation and testing is warranted.
There are several reasons why a property may require a Phase I Environmental Site Assessment:
Transfer of Ownership
Many transfers of ownership of a commercial property are required by law to receive a Phase I Environmental Site Assessment.
Many banks will not approve a loan for the purchase of a property if a trained environmental professional has not reviewed the property for risk of environmental contaminants. This reduces the risk of the transaction and gives them a more reliable figure on the value of the property.
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