Phase I Environmental Site Assessments (ESAs)
If you’re purchasing a property, a Phase I Environmental Site Assessment (ESA) can provide you with information on potential environmental issues with the property. It may also protect you from liability due to unexpected environmental contamination found on the property after the purchase.
If you’re financing a loan, a Phase I ESA can provide you with assurances that the borrower will not have to pay for expensive environmental remediation costs – increasing the risk that the loan will not be paid off.
Phase II Environmental Site Assessment (ESAs)
If environmental issues do arise during the Phase I ESA, a Phase II ESA can be completed to determine the extent of the environmental contamination on the property and future actions are recommended by your Solid Ground Environmental consultant.
Record Search & Risk Assessment
The RSRA is an environmental due diligence option for low risk properties described by the United States Environmental Protection Agency Standard Operating Procedures. The RSRA includes an environmental database and historical review of the property. A letter report is prepared summarizing the findings and makes a determination whether the property is ‘high risk’ or ‘low risk’. If the property is deemed high risk, typically a Phase I ESA is recommended.
A Transaction Screening (TS) is an environmental due diligence tool for low-risk properties. The goal of a TS is to identify Potential Environmental Concerns (PECs). The TS includes a site visit, an environmental database review, an environmental questionnaire, which is competed by the owner and the environmental consultant, and a historical review of the property. If any PECs are identified, a Phase I ESA is typically recommended.