A Phase I Environmental Site Assessment (ESA) is typically recommended and often required by lenders prior to purchasing commercial or industrial property. The American Society for Testing and Materials (ASTM) Standard E-1527-13 adheres to the EPA’s All Appropriate Inquiries (AAI) Rule (40 CFR Part 312). As part of a Phase I ESA, the Environmental Professional completes an extensive review of historical documentation, regulatory databases, and additional research checking for potential environmental concerns that might have impacted the property. Phase I ESA data will generally determine whether site conditions warrant sampling and analyses of potential soil and groundwater contaminants as part of a Phase II ESA effort. ASTM Non-Scope due diligence concerns such as the presence of asbestos and lead-based paint can also be addressed as part of the ESA process.
Real Estate Due Diligence