Refinancing or Purchasing Property? Phase 1 Environmental is Critical
If you are in the process of refinancing or purchasing a property, most likely you are hearing the term Phase 1 Environmental Site Assessment (ESA) being used frequently.
The intent of the Phase I ESA is to assess if current or historical property uses have affected the soil or groundwater beneath the property, which could pose a threat to the environment or human health.
Discovering Potential Issues with Phase 1 Environmental
Once Phase 1 Environmental is completed, the Environment Professional will summarize what concerns, if any, were identified on the property and make recommendations about what actions, if any, are needed to address these concerns.
The main point we try to convey is that a quality Phase I ESA, performed by an Environmental Professional prior to the closure of a real estate transaction, can identify and manage any potential issues and liabilities associated with a property before they become your problem. In addition, compared to the possible costs associated with not doing one, this service is very cost-effective.
Please feel free to contact us with any questions or inquiries about your environmental needs.
