Intro to Phase I Phase II and Phase III ESA While purchasing, financing, or renovating a commercial, industrial or multi-unit residential property environmental site assessment will likely be required by your lender. It is important to note that environmental site assessment or preliminary site investigations are a crucial part of your due diligence process. It […]
Chances are you were thinking about purchasing or rezoning a property, and you were required to conduct a Phase I ESA. If you have no idea what a Phase I ESA is, it is used as a tool to ensure due diligence before you purchase a property and can prevent a bad investment. An ESA […]
Suppose you are a commercial property owner looking to buy or sell your property. Before finalizing your contract, a Phase I Environmental Site Assessment is strongly recommended if it wasn’t already made a requirement from the bank handling your primary financial transactions. A Phase I ESA is likely the cheapest form of due diligence and […]
Generally speaking, contamination occurs when years of improper industrial activities have taken place on-site. This could be from unsuitable waste disposal methods or even pollution from agricultural activities. Soil contamination can also occur with the presence of underground storage tanks that leak. If the subject site had a landfill in the past, it also concerns […]
Environmental assessments are usually conducted to obtain information about the subject property and analyze its historical uses. These steps are taken to ensure that there is no potential for contamination. The assessments are also conducted to minimize any risks to human health or the environment. This article focuses on on-site inspection, precisely what a Preliminary […]
Environmental assessments are an essential step during any financial transaction of a property. Phase I ESA reports are usually required to determine the preliminary environmental liabilities associated with the subject property. The assessment is carried out to find if there is potential contamination. If contamination is suspected, then a Phase 2 Environmental Site Assessment will […]
When facing issues with environmental contamination and liabilities, the process of hiring the best environmental consultant is critical to your success. Firstly, it is essential to understand the roles of an environmental consulting company. To generalize, most of them revolve around performing due diligence projects for banks during property financing or are capable of carrying out remediation […]
This blog assumes that the reader is aware of what a phase 1 site assessment is. If not, visit our website for more details. In summary, while purchasing any sort of property or land, environmental due diligence in the form of phase one environmental is usually required by the lender for mortgage approval. A purchaser […]
Phase II ESA’s are usually required after a Phase I ESA predicts REC. The purpose of a Phase II investigation is to analyze through testing and sampling if the predicted contaminants exist. Phase II ESA’s are relatively more expensive than Phase I and take a longer time to complete. So, if you’re the buyer of […]
This blog assumes that the reader is aware of what a Phase I ESA is. If not, visit Phase I ESA on our website for more details. Most banks or lenders require a Phase I ESA before the buyer purchases any commercial or industrial properties. This helps them verify that there are no potential environmental […]