A Phase 1 Environmental Assessment is valid for 180 days, depending on the purpose of the report and events taking place on the property. If certain industry standards have changed, environmental conditions are different, or the CERCLA statutes of limitations have been met, the assessment could become obsolete in less time.
For the report to be re-validated, the following components must be up to date prior to closing: interviews with owners, operators, and occupants; searches for environmental cleanup liens; reviews of government records; visual inspections of the facility and surrounding properties; and a statement by the environmental professional. In a nutshell, the work involved to update an old Phase 1 ESA is the same amount of work and cost as performing a new ESA.