A Phase I assessment is used to protect all of the parties that could be involved in a property exchange. It is an in-depth assessment of the environment.
Prior to property use changes, funding loans, sales or purchases, the following entities often utilize Phase I assessments:
• Banks
• real estate financing companies
• insurance companies
• law firms
• industrial property owners
• public agencies
• commercial property owners
After a Phase I assessment of a property has been completed the potential buyer will be assured that the property that they are considering is not an impacted property. Conversely, the assessment can be used as a selling point by the property owners in that they can say that the property they want to sell has received a "clean bill of health."
What Is Included in a Phase I Environmental Site Assessment?
A Phase I Environmental Site Assessment includes a review of topographic maps, aerial photos, historical records and details of other activities that were conducted on or near the property. In addition, neighbors and people who had been involved with the land are interviewed.
The site itself is physically examined by environmental specialists who determine if it meets ASTM (American Society for Testing and Materials) requirements.
What Happens If Red Flags Are Raised?
If, as a result of a Phase I Assessment, environmental concerns are raised then the property is usually evaluated by a Phase II Investigation. A Phase 2 Investigation consists of laboratory analysis of water samples and/or soil samples. Depending on the original findings and the conditions of the site, the samples are collected by hand auger, back hoe or drill rig.
Over the past several decades many thousands of underground storage tanks across the country have been found to leak unsafe products into the environment.
In this instance the Phase II Investigation will try to determine the extent of the potentially adverse environmental impacts that were caused by the leaks. Subsequently, the storage tanks, which could contain unsafe residue, may be able to be removed and properly disposed of.
If this investigation indicates that the contamination is significant or if it exceeds federal, state and local standards, or if substance levels present threats to human health or the water table, then the investigation will continue. Additional site characterizations will be needed in order to determine the extent of lateral and vertical contamination plumes.
If the investigation reaches this stage it's recommended that a local or regional regulatory agency is invited to arbitrate whatever remediation levels would be acceptable and that they determine the requirements for "case closure."
A number of companies offer different packages that include a Phase I Assessment. The apropos package will be determined by the individual client's needs.
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To find out more about Phase I Assessment packages go to http://www.edrnet.com/environmental-services/value-packages
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