Why you need a Phase 1 Environmental Assessment
Updated: Mar 8
When buying or refinancing a property, it is important to consider the environmental risks associated with it. One of the best ways to protect yourself from potential liability is to have a Phase 1 Environmental Site Assessment performed. A Phase 1 assessment is the first step in evaluating potential contamination of a property, and is necessary for qualifying for the CERCLA “Innocent Land Owner Defense”.
This assessment is required for most real estate deals and follows the ASTM E1527-13 standards. By obtaining a Phase 1 assessment, you can ensure that you have a stress-free due diligence period and get timely common sense reports.