The organization that established guidelines for the Phase 1 Environmental Site Assessment is the American Society of Testing and Materials (ASTM). They aren’t guidelines so much as they are a standard way of conducting a Phase 1 ESA. In much the same way as accounting has Generally Accepted Accounting Principles (GAAP) and manufacturing has the
Phase 1 Environmental Site Assessments have a component in their scope of work where an environmental professional who is trained to find past, present or future threats of environmental contamination walks through a property and inspects for environmental risks. Phase 1 ESAs are done by environmental consulting companies, and environmental professionals as one of the
When buying commercial real estate everyone knows about Phase 1 Environmental Reports. The Phase 1 ESA is the gold standard when it comes to environmental due diligence. Most investors don’t know that there are other options, less expensive options that are often better choices for determining environmental risk based on constraints of money and time.
The most common way to clear a Recognized Environmental Condition (REC) from a Phase 1 Environmental Study is to complete a Phase 2 Environmental Study. The results will answer with hard science, if the REC is a concern and if it needs to be further remediated. What is a REC? A REC is basically an
According to the governing body that decides what the standards are for Phase 1 Environmental Surveys, a Phase 1 ESA is good for 6 months. You can see the American Society of Materials and Testing (ASTM) standard here. There are ways around having to pay for a full Phase 1 Environmental Survey though. The reasons
If the question is “Do I need a Phase 1 Environmental Assessment on vacant land?”, then the answer is “Not necessarily” but if the question is, “Do I need some kind of environmental assessment on vacant land?”, then the answer is almost certainly yes. You have options though and all the options have pro’s and
A Phase 1 ESA is mainly used to prevent the accidental purchase of a contaminated or otherwise environmentally compromised commercial property at a price that doesn’t take into account the environmental risk or impact. The strategies for purchasing a Phase 1 ESA depend on which party you are to the transaction. There are generally three