Phase I Environmental Site Assessments

A Phase I Environmental Site Assessment, or Phase I ESA, is a report ordered by stakeholders in real estate transactions to provide disclosure on possible or existing environmental contaminants on a property site or its surroundings. A quality Phase I is written to the ASTM E1527-13 standard and may offer protection from environmental liability under the EPA All Appropriate Inquiries (AAI) rule of the CERCLA, or Superfund, program. Lenders and borrowers alike should look for environmental consultants that are well versed in and compliant with ASTM and AAI standards to avoid risky and costly oversights during the due diligence period.

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