|
Environmental Site Assessment:
A Phase I site assessment is typically conducted before the change of property ownership. GCI has conducted numerous Phase I assessments for real estate transactions for a wide range of facility types. These assessments are essential for allowing buyers or lenders to evaluate potential environmental risks associated with a property, and are typically required by lenders when purchasing a commercial or industrial property.
Our expertise in subsurface investigation and remediation projects is an advantage when evaluating properties for potential impacts. Prior to starting an assessment, our advice allows our clients to balance cost and time constraints with obtaining the assessment that meets their needs and reduces their level of uncertainty in regards to environmental issues associated with a property. We can provide assessments to the ASTM E1527-05 standard based on the EPA “all appropriate inquiry” standard which provides CERCLIS liability protection, or we can custom design an assessment to meet your specific needs.
The assessment includes:
A review of environmental databases to find regulatory
issues of concern for either the subject property or
nearby properties that could potentially impact the
subject site.
A site inspection of the property and surrounding areas
to evaluate current usage and evidence of environmental
impact.
A review of the current and historical land use of the
property and surrounding areas is made.
An environmental liens search (for ASTM E1527-05
standard only)
Preparation of a report.
Further assessment may be needed to determine if potential issues identified during the Phase I are actual problems. Phase II work may include a review of PADEP files, soil sampling, a geophysical investigation or a groundwater investigation. While lead, radon, wetlands and asbestos are not part of the ASTM protocol, evaluation for those conditions or sampling for those materials can also be conducted during the Phase I or Phase II stages.
Even when an assessment is not required by a lending institution, a buyer might decide to conduct their own as insurance against a significant liability. When a property is purchased, a buyer inherits any environmental liabilities associated with that property unless specifically excluded by a legal agreement. Because the cost to investigate an environmental problem and obtain a regulatory release of liability for even a relatively small problem can cost tens or even hundreds of thousands of dollars, it is important to make an informed decision when purchasing a property.
|