The objective of a Phase I Environmental Site Assessment (ESA) is to assess the presence of or potential for environmental concerns associated with current and past Property use as well as potential impact to the Property from off-site environmental concerns. The Phase I ESA consists of several components, including the following:
*Inspection by an experienced inspector
*Document the presence of hazardous materials or petroleum products
*Interview tenants, owners, and local regulators
Historical records review
*Historical aerial photographs
*Sanborn fire insurance maps
Regulatory records database review
*State environmental agencies
*Federal environmental agencies
*Detailed recommendations for addressing or correcting any identified concerns
With the aid of a Phase I ESA, property owners, prospective buyers and lenders can fully understand the potential for environmental impact to the site and evaluate the liability associated with past or present site use and operations.
The ASTM E1527-13 Standard for Phase I Environmental Site Assessments evolved from the innocent landowner defense. The standard defines good commercial and customary practice for conducting environmental site assessments, and minimizes liability associated with property acquisition. It is in strict accordance with this standard, at minimum, that GuideWire prepares each Phase I ESA. The Phase I ESA is the most thorough assessment for ensuring that you are obtaining commercial real estate without environmental worries.