Phase I & II Environmental Liability Assessments

Real Estate: Environmental Liabilities & Assessments (Phase I & II)

 

Many commercial properties carry environmental liabilities.  Once you buy the property, you own the liability.  There are ways to prevent or minimize buying these liabilities.  A thorough investigation of the property by a professional can identify and quantify possible liabilities.  Furthermore, a property owner has a second layer of protection through the Innocent Land Owner Act against unidentifiable liabilities as long as one can prove a thorough investigation was conducted prior to purchasing a property.  A Phase I Environmental Site Assessment conducted according to ASTM standards is considered the standard for a thorough investigation.  A Phase I Investigation provides “red flags” of potential or known liabilities of a property.  A Phase II Assessment investigates the legitimacy or severity of the potential liabilities flagged during the Phase I.

 

 

 

 

Ref:  Standard Practice for Environmental Site Assessments:  Phase I Environmental Site Assessment Process, ASTM Publication Designation: E1527-13 ©

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