A phase I environmental site assessment is described in the comprehensive environmental response compensation and liability Act. The phase I assessment is the standard method by which potential property buyers, lenders and investors, owners, and managers, can protect and control their environmental liability. You can also get more information about phase 1 environmental via andersenint.com/services/phase-i-environmental/.
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After a Phase I Assessment is completed, the bank or buyer will be eligible for the comprehensive environmental response compensation and liability act. This act allows property owners to defend themselves against liability for hazardous substances found on their property due to the actions of third parties.
The Phase I assessment is intended to help identify hazardous environmental products and conditions, such as the possible presence or actual presence of petroleum or other petroleum products that could be released onto the property.
The property may be restricted from future development and use if hazardous materials are discovered. If this happens, the potential lender or buyer could transfer the responsibility for the cleanup costs to the purchaser.
The phase I environmental site assessment includes data reviews of the geologic and topographic, hydrologic, ownership, and historical development of the property. Data is gathered by reviewing regulatory records, aerial photos, and files from local agencies. You can even search online for more information about phase 1 environmental.