What You Don’t Know About Phase I’s Can Cost You

Phase I Environmental Site Assessments (Phase I’s) are widely used by purchasers of property and lending institutions providing capital for the purchase. A Phase I can provide valuable information about past uses of the property that assists purchasers and lenders in making informed decisions. In many instances, however, once the Phase I is received and reviewed, it is put in a file and forgotten, even when the Phase I reveals that the property may be contaminated. This is a mistake made by those who do not understand the true purpose behind a Phase I and do not realize that it is only one piece of a larger puzzle. Unfortunately, such ignorance can be costly. Continue reading “What You Don’t Know About Phase I’s Can Cost You”