Environmental Phase 1 Site Assessment and Environmental Due Diligence

While acquiring or selling real estate, Environmental considerations are most important to consider. Due to this, due diligence, environmental site assessment have become regular in such transactions. The purchaser or seller needs to conduct environmental due diligence and ascertain the seller's property value.

Considerations of site owners about site assessments and environmental due diligence are quite different than those of a purchaser. Owners are more curious about the confidentiality of information developed and reporting obligations that might result from the newly acquired information. Purchasers are concerned with knowing environmental costs and qualifying as honest landowners concerning possible liability following the Comprehensive Environmental Response, Compensation, and Liability Act.

The buyers of business assets and lenders are concerned with carrying on and expanding business services. Environmental due diligence is required to address these issues.

Site assessments are a vital part of environmental due diligence in most transactions. During the sale of property or a loan transaction, one must think beforehand of who should be confidential to the results. If unknown unsafe substances are discovered, the after-action should be addressed by the parties before conducting the site assessment. Also, buyers can reconsult environmental consultants to review other consultant’s work if they are not an approved vendor, or in case they need a second opinion.

Environmental phase 1 site assessment

One can conduct Phase 1 Environmental Assessment when a buyer purchases a commercial or industrial property or even on undeveloped, vacant land. Suppose you are buying a house in or adjacent to a commercial area or other environmentally fair business. In that case, you should also have one of these reports performed on the property before taking the title.

Phase 1 Environmental Assessment's primary purpose is to know the property's exact value and ensure there is no soil or groundwater contamination from prior use or neighboring sites. Such contamination can impact the property's value or limit its use.  It may also require regular mandatory cleanup.

Summary: The Environmental Assessment or Due Diligence is a good option for all properties, primarily located in non-industrial areas. Connect with companies such as Fulcrum to get the most authentic report.