Phase I ESA
Did you know that when you purchase a property, you also acquire its environmental problems!
The penalties for failing to comply with the federal and/or state environmental laws may be in the millions of dollars. The law authorizes EPA to seek statutory penalties of up to $32,500 for each day of non-compliance prior to January 12, 2009, and $37,500 for each day thereafter. (http://www.epa.gov/compliance/cleanup/superfund/comply.html)
A real estate investment may be affected by:
|•||Prior chemical spills|
|•||Hazardous waste sites|
|•||Polychlorinated biphenyls (PCBs)|
|•||Abandoned industrial operations|
|•||Underground storage tanks|
|•||Current business activities|
|•||Adjacent property histories|
In any case, real state environmental problems cause a significant impact on the liability found by the buyer, seller, or lending institution.
Phase I Environmental Site Assessments (Phase I ESAs) are non-invasive studies to determine the environmental conditions of a commercial property during transfer of ownership or refinancing. This is the opportunity for the purchaser, investor, or financial institution to do due diligence investigations and verify the material facts of a potential investment.
Zimmetry recognizes the importance of identifying potential hazards when purchasing a property. A Phase I Environmental Site Assessment is the gold standard for evaluating the environmental liability associated with a real estate asset.
Our Phase I ESA service includes:
|•||Physical inspection of the property|
|•||Interviews of knowledgeable persons|
|•||Review of federal, state and local lists of known contaminated sites, hazardous materials users, spills, and storage tanks|
|•||Evaluation of the potential effects of adjacent properties|
|•||Property history searches at applicable register of deeds offices|
|•||Review of existing environmental documents for the property|
|•||Interpretation of photographs and maps|
|•||Current and past property uses|
We offer the peace of mind you deserve through practical business advice on environmental liability.
Call for a free consultation (787) 995-0005 or email us