The All Appropriate Inquiries Rule (the "AAI Rule"),
set forth at 40 CFR Part 312, serves as a benchmark protocol for
inspecting a property's environmental condition. If the
benchmark is met, a prospective purchaser can be insulated from
liability under the Comprehensive Environmental Response,
Compensation, and Liability Act ("CERCLA"). In order to
satisfy the requirements of the AAI Rule, a prospective purchaser
must be able to demonstrate satisfaction of certain industry
standards promulgated by the American Society for Testing and
Materials ("ASTM"). On December 20, 2013, the
Environmental Protection Agency approved ASTM Standard 1527-13 (the
"Revised ASTM"), relating to Phase I Environmental Site
Assessments ("Phase I Assessments"), as sufficient to
satisfy the AAI Rule for protection under CERCLA. The EPA approval
goes into effect on October 6, 2015. After this date, prospective
purchasers of property must verify that all Phase I Assessments and
related due
