What is included in a Phase I due diligence review conducted prior to purchasing property?

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Quizplus · Accepted Answer

A Phase I Environmental Site Assessment (ESA) primarily includes a records search to identify any past environmental issues with the property. This involves reviewing historical records, government databases, and previous environmental reports to determine if there have been any known contaminations or environmental liabilities associated with the property. Soil and water tests are typically part of a Phase II ESA if the Phase I assessment identifies potential contamination concerns. An inquiry of the owner/seller about activities on the property is part of the process, but it is not the only component of a Phase I ESA.

What Is Included in a Phase I Due Diligence Review