Phase 1 Environmental Assessments and Real Estate Transactions

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) March 14, 2009 --

Today banks require Phase 1 Environmental Assessment reports prior to underwriting a real estate loan for a commercial or industrial property. These reports are also becoming more common for residential properties, as well. If a Phase 1 Environmental report finds a Recognized Environmental Condition, such as: underground storage tanks, previous hazardous waste releases into the soil or many other types of conditions where an environmental liability has been created, a Phase 2 Environmental Assessment may be needed. The Phase 2 Environment reports usually consist of the collection of shallow soil and/or groundwater samples for laboratory analysis.

If you are buying a property, it is prudent to order a Phase 1 Environmental study as an unknown contamination problem could greatly reduce the value of the property, or in worst cases, actually be a liability and not an asset.

Phase 1 Environmental reports have been around for a long time. However, with the new EPA law that went to affect, Phase 1 Environmental reports now only have a one year shelf life. Even if you are paying cash for a property, you should order a Phase One Environmental report in order to protect your interests.

More information can be found online at http://www.aaienvcorp.com/phase1environmental.html

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