When is a Phase I Environmental Site Assessment (ESA) necessary?
A Phase I ESA should be conducted prior to commercial or industrial property transactions. The Phase I ESA is typically requested by the purchaser of the property to ensure that the environmental condition of the property is evaluated prior to the purchaser assuming liability. Lenders can also request a Phase I ESA to ensure that a property doesn’t carry any environmental liabilities prior to loan issuance. A seller or lessee can also request that a Phase I ESA be completed as it can provide evidence that demonstrates the current owner/occupant was a responsible environmental steward during its ownership/occupancy of the property.
Why should a Phase I Environmental Site Assessment (ESA) be conducted? Continue reading “Benefits of a Phase I ESA”