Why Do I Need a Phase I ESA?
Holiday Inn says, “The Best Surprise is No Surprise.” Fram says, “Pay Me Now or Pay Me Later.” And we say, “You Buy the Land, You Buy the Environmental.” That’s why lenders typically require environmental due diligence in the form of a Phase I Environmental Site Assessment (ESA) and why you should consider a Phase I ESA even on cash deals. In some cases (low risk properties), a lesser scope of work such as an
Selecting the Right Environmental Due Diligence Consultant
Finding Mr. Right: Choosing a Consultant for a Phase I ESA There are a lot of choices when it comes to picking an environmental consultant to perform your Environmental Due Diligence work. In most cases, this process starts with finding the right consultant for your Phase I Environmental Site Assessment (ESA). Usually the three keys that you look for are cost, quality, and timing. In most cases, buyers ask for price assuming that quality is
Top 10 Phase I ESA Questions
Here are the most common questions we receive regarding Phase I Environmental Assessments. We did a Phase I ESA a couple of years ago; do I need another Phase I ESA now? Yes, selected ESA components (e.g., review of government records and visual inspections) must be updated within 180 days, while overall the ESA report may be valid for up to 12 months. A key question is whether potential environmental activities are on-going (e.g., dry
New EPA Tool Helps Determine Environmental Liability for Superfund Sites
Source: Bloomberg: Bureau of National Affairs (June 2018) The EPA’s new tool for determining companies’ liabilities at Superfund sites will soon be released to the public, according to the agency. The Environmental Protection Agency is developing the tool as a result of Administrator Scott Pruitt’s efforts to speed up contaminated site cleanup and push the sites toward redevelopment. The agency anticipates the tool will help interested companies determine whether they’re eligible to purchase a contaminated
10 Myths about Environmental Risk Liability
Think you know everything about your potential liability in a property transaction? Misconceptions abound when it comes to who’s responsible for cleaning up a contaminated property. With so much at stake, it’s no surprise that buyers, sellers and lenders are often confused about environmental liability risk. Let’s debunk the 10 most common myths: Myth #1: The new owner is always responsible for cleaning up a contaminated property. Nope. Not always. Buyers can sometimes avoid liability