OVERVIEW
Whenever commercial or industrial property is sold, leased or
financed, the checklist of due diligence items includes a Phase I
environmental site assessment (Phase I). Phase Is are
performed both for possible defenses to liability as well as for
broader due diligence purposes. A Phase I includes four basic
components: (1) historical review of the property usage back
to the first developed use, (2) agency record review for
indications of use or release of possible contaminants, (3) site
visit to assess the site for evidence of releases of contaminants,
and (4) interviews with individuals with knowledge of the current
and past use of the property. The area of the property is
also included in the review although surrounding properties are
only assessed from the property line. If "recognized
environmental conditions," or RECs, are identified in the
Phase I, then sampling of soil, groundwater, surface water, soil
gas or indoor air may be necessary to
