What is included in a Phase 1 ESA?
A Phase I ESA typically includes the following: A site visit to observe current and past conditions and uses of the property and adjacent properties; Interviews with current and past property owners, operators, and occupants, or others familiar with the property.
How long does a Phase I ESA last?
How Long is a Phase I ESA Valid? You may be wondering on the specifics of how long a Phase I ESA is good for in the eyes of the law for a property. The simple answer is one year – if the Phase I ESA was completed more than 365 days ago then it must be re-completed as it is no longer valid.
What is EDR package?
EDR packages include the industry’s best data, content and workflow technology to help you perform property due diligence with efficiency and ease. With your EDR Basic, Standard and Premium Packages, you will receive the most trusted government records and historical sources, along with cutting-edge workflow tools.
How long is a Phase II ESA good for?
says that past investigations can only be relied on for 1 year, then the Phase II work has the same 1 year time frame.
How long is a Phase 2 GOOD FOR?
How much does an EDR report cost?
An EDR Report is an Environmental Database Report which costs $127 and is completed in 24 hours in most cases.
What is Environmental Report Phase 1?
A Phase 1 Environmental Site Assessment (Phase 1 ESA) is an investigation of a property’s current and historical use. The process views and investigates a property in regards to former use in order to determine if there is a potential for hazardous environmental conditions which might be present on…
When is an environmental site assessment needed?
A Phase I Environmental Site Assessment is typically ordered when a commercial property or vacant land intended for commercial use is being sold and is carried out during the buyer’s due diligence period. If the buyer is obtaining a bank loan, the lender will order the phase I environmental study after the loan has been sent to underwriting.
What is Environmental Phase 1?
Phase 1 Environmental is the term that refers to a report that is required by lenders for commercial, industrial and some residential real estate loans. The Phase 1 report is prepared by environmental professionals who are typically professional geologists, professional engineers and environmental scientists.
What is a Phase 1 inspection?
Phase 1 Inspection. A Phase 1 inspection is a review of local government documents regarding the site to determine what the past usage of the site was along with extensive document review of the surrounding area. It also entails a very involved and detailed site visit by a qualified professional.