Why should a lender/purchaser conduct a Phase I
or all appropriate inquiry AAI?
Commercial and Industrial property development is a major investment. It is important to provide lending
intuitions, sellers and potential buyers with assurances that they will not be confronted with costly
delays, because of the discovery of unknown environmental hazards.
The new federal regulations for conducting Phase I ESAs went into effect
November 1,2006. The EPA and the American Society for Testing and Materials (ASTM) new
regulation (40 CFR part 312.and ASTM 1527-05)” dictates that all commercial, industrial and real estate
development will require a Phase I environmental site assessments (Phase I ESAs).
Lake Ozark Environmental LLC, consulting firm is able to provide those assurances by
providing Environmental Site Assessments for Real Estate Transactions.
Are you a "bona fide prospective purchaser" ? A "contiguous property owner ? Or current
owner?
Prospective purchasers, who do not conduct all appropriate inquiry prior to purchasing a
property, risk assuming liability for cleanup should contamination ever be found to have
resulted from past practices conducted on the property. CERCLA (Comprehensive
Environmental Response, Compensation, and Liability Act) enables liability to be assigned
"jointly" or "severally", meaning the current landowner, regardless of their knowledge of past
practices, may assume total liability for the cost of cleanup. The only avenue to avoid this risk,
is to conduct AAI prior to purchase and meet "continuing obligations" after purchase if
applicable.
or all appropriate inquiry AAI?
Commercial and Industrial property development is a major investment. It is important to provide lending
intuitions, sellers and potential buyers with assurances that they will not be confronted with costly
delays, because of the discovery of unknown environmental hazards.
The new federal regulations for conducting Phase I ESAs went into effect
November 1,2006. The EPA and the American Society for Testing and Materials (ASTM) new
regulation (40 CFR part 312.and ASTM 1527-05)” dictates that all commercial, industrial and real estate
development will require a Phase I environmental site assessments (Phase I ESAs).
Lake Ozark Environmental LLC, consulting firm is able to provide those assurances by
providing Environmental Site Assessments for Real Estate Transactions.
Are you a "bona fide prospective purchaser" ? A "contiguous property owner ? Or current
owner?
Prospective purchasers, who do not conduct all appropriate inquiry prior to purchasing a
property, risk assuming liability for cleanup should contamination ever be found to have
resulted from past practices conducted on the property. CERCLA (Comprehensive
Environmental Response, Compensation, and Liability Act) enables liability to be assigned
"jointly" or "severally", meaning the current landowner, regardless of their knowledge of past
practices, may assume total liability for the cost of cleanup. The only avenue to avoid this risk,
is to conduct AAI prior to purchase and meet "continuing obligations" after purchase if
applicable.
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