Many times we get asked the following question: – Do we really need a Phase 1 Environmental Site Assessment?
Well, the answer is, it depends, but it is highly recommended.
The purpose of a Phase 1 Environmental Site Assessment is to use a consistent approach to identify any existing or potential environmental conditions that may be present or affect a real estate property in question. Purchasers of real estate must conduct an “all appropriate inquiry” to qualify for the innocent landowner defense under the Federal Comprehensive Environmental Response, Compensation and Liability Act (“CLERCA”). Having a Phase 1 Environmental Site Assessment (“ESA”) conducted on the proposed real estate will mitigate any damages and protect your assets by proving that you as a purchaser legally met your due diligence obligations.