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Environmental Site Assessments should be completed before any real estate transaction. Why ?

An essential step in real property transactions is evaluating the property for potential environmental contamination and assessing potential liability for contamination which may be present at the property. An assessment of the environmental conditions at any property should be performed prior to the closing of any real estate transaction This is done to confirm the conditions at the property or to establish an innocent landowner defense should environmental contamination be discovered after the property was acquired.

The purchase price of any real estate property could be adversely affected should environmental contamination be discovered thus affecting the buyer, seller, and lender.

Do I need a Phase I Environmental Site Assessment?

The need to do a Phase I Site Assessment potentially applies to most commercial property transactions. They may also be applicable to any public or private party, who may potentially claim protection from CERCLA liability as an innocent landowner, a bona fide prospective purchaser, or a contiguous property owner.

Westward Environmental Environmental Site Assessments satisfy due diligence requirements:

Environmental Site Assessments are typically called either Phase I or Phase II. The Phase I Environmental Site Assessment intends to satisfy the due diligence requirements of a property transaction, using ASTM or client-specific guidelines, by identifying possible environmental impairments on a particular property.

Typical Phase I services include:

• A physical inspection of the property and surrounding properties to assess general land use and occupants of the area;

• An on-site visual inspection of the site to identify recognized environmental concerns.

• A review of data regarding the local geology and hydrology;

• An assessment of current and past uses and practices of the property with particular attention given to assessing if any hazardous material or waste practices have occurred at the site.

• As assessment of the historic land use and development of the property through an interpretation of fire insurance maps, city directories, and/or aerial photographs of the site and interviews with persons knowledgeable of the site history;

• A review of owner/operator records; and

• A review of local, state, and federal regulatory agency records maintained for the site.

• A written report of all findings including recommendations and conclusions.

Phase II Site Assessments

Phase II Site Assessments are recommended by Phase I Site Assessments, if necessary. They provide a more comprehensive and detailed review of a site and a facility, further evaluating suspected environmental impairments and the extent of surface and subsurface contamination. A Phase II assessment qualitatively confirms environmental impairments and liabilities resulting therefrom, and may yield basic projections of remediation costs. This information may be used in negotiating the terms and conditions in a particular property transaction.