What is a Phase I ESA?
Lenders often require a Phase I ESA prior to approving loans for commercial, industrial or multi-family properties. The Phase I will include a visual inspection of the subject and adjoining properties by an environmental professional and research into the past use of those properties. The current “all appropriate inquiry” Phase I protocol (ASTM 1527 05) protects property buyers from federal Superfund cleanup liability. A Phase I ESA does not include sampling or analysis of soil, groundwater, surface water, or other media.
