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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Your Environmental Consulting Service at Lake of the Ozarks
