We all grew up being taught to always leave a place better than you found it. Even though it’s what we’ve been told our entire lives, it doesn’t always happen and unfortunately, you can’t always trust the people who owned the property before, or the list of people before them. Think: potential contamination, underground storage tanks or chemical spills. That’s exactly what a Phase I Environmental Site Assessment is for.
What Is a Phase I Environmental Site Assessment?
A Phase I ESA is a site inspection focused on identifying recognized environmental conditions (RECs) which are of importance with respect to potential liability in real estate transactions. A REC means the presence or likely presence of any hazardous substance or petroleum products in, on, or at a property. This could include:
1. Any release to the environment;
2. Conditions indicative of a release to the environment; or
3. Conditions that pose a material threat of a future release to the environment.
Many times banks require a Phase I to be performed on a property in order to allow loans to be given. Furthermore, an ESA such as this can save buyers money as it often identifies any underlying issues, that wouldn't otherwise be recognized. Environmental clean-up can be costly. Thus, understanding the risks of buying a potentially contaminated property is very important.
Talon/LPE has expertise in performing Phase I Environmental Site Assessments (ESAs) utilizing a diverse pool of experienced environmental professionals who have conducted thousands of ESAs throughout the country. Our clients include lending institutions, government agencies, real estate developers, attorneys, brokers, businesses, and private individuals.
Contact an environmental professional today at Talon/LPE using the button below.