Phase I Environmental Site Assessments
Phase I Environmental Site Assessments
are generally required by lending institutions
prior to lending funds toward the purchase
and/or development of commercial properties.
The goal of these assessments is to prevent the
buyer from unknowingly purchasing property that
has an 'environmental cloud' over it. If
performed correctly, a Phase I Environmental
Site Assessment should protect the new property
owner under the Innocent Landowner Defense of
the Comprehensive Environmental
Response, Compensation, and Liability Act (CERCLA).