A phase I environmental site assessment is described in the comprehensive environmental response compensation and liability Act. The phase I environmental assessment is the standard method by which potential property buyers, lenders and investors, owners, and managers, can protect and control their environmental liability. The ESA basically proves that the buyer or seller has done their due diligence.
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The Phase I environmental assessment is intended to help identify hazardous environmental products and conditions, such as the possible presence or actual presence of petroleum products or other petroleum products that could be released onto the property.
The property may be restricted from future development and use if hazardous materials are discovered. If this happens, the potential lender or buyer could transfer the responsibility for the cleanup costs to the purchaser.
The phase I environmental site assessment covers a review of the geologic and topographic, hydrologic, ownership, and historical development of the property. Data is gathered by reviewing regulatory records, aerial photos, and files from local agencies.
The transaction screen is similar in function to an ESA. It is a screening tool used for "small loan" properties. It is an integral part of real estate transactions and it is used to determine the presence or probable presence of any petroleum products or hazardous substances on a property. You can also search online for more information about phase 1 environmental.