A Phase I ESA is the industry-accepted standard for evaluating potential environmental liabilities associated with real estate. Environmental liabilities may include potential or existing soil, groundwater or surface water contamination. Proper completion of a Phase I ESA report provides liability protection for prospective purchasers and simultaneously satisfies common banking/lending requirements. The following activities should be performed by a qualified Environmental Professional for proper completion of a Phase I ESA:
- Physical reconnaissance of the project site and visual observations of adjoining properties;
- Interviews with property owners, managers, tenants and/or other knowledgeable parties;
- Query of Federal and State environmental regulatory databases;
- Review of historical data references such as aerial photographs, city directories and more;
- Preparation of a written report.
A Phase I ESA report is usually completed within approximately 3-4 weeks. The cost will vary by consultant, but is dependent on several factors such property size/acreage, property use and number/type of buildings present and geographic location (city/state).
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