Seyfarth Synopsis: The ASTM is in
the process of updating its Standard Practice for Environmental
Site Assessments: Phase I Environmental Site Assessment
Process.
A Phase I Environmental Site Assessment is a report, following
ASTM Standards, that identifies recognized environmental conditions
(RECs) on real property to evaluate environmental risks and
liabilities associated with the property. It is often referred to
as a "Phase I ESA" or simply a "Phase I," and
is an important part of the real estate due diligence process.
Completing the Phase I process is necessary if a landowner or
purchaser wants to claim the "innocent landowner, " bona
fide prospective purchaser, or other third party defenses available
under the Comprehensive Environmental Response, Compensation, and
Liability Act (CERCLA) for purchasers, and to a lesser extent
tenants, of real property.
