What is a Phase I and Phase II Environmental Site Assessment?
The primary goal for a Phase I Environmental Site Assessment this activity is to make an appropriate inquiry into previous ownership and use of the property consistent with good commercial or customary practice. A Phase I Environmental Site Assessment is generally performed by the current owner or prospective purchaser. This is a vital part of commercial and industrial property transactions where potential liability is a concern and is most often required by lenders and attorneys prior to finalizing a real estate transaction. Phase I Environmental Site Assessments are conducted according to guidelines established in the American Society for Testing & Materials (ASTM) Standard Practice for Environmental Site Assessment (E 1527) and EPAs All Appropriate Inquiries Rule. There are four primary components to the Phase I Environmental Site Assessment: Records Review, Site Reconnaissance, Interviews, and Report Preparation. The Phase I Environmental Site Assessment report will include a state
