Property Transfer Environmental Due Diligence: Regulations vs. Reality
Monday, November 13th • 2:00pm (EST) • Mitchell A. Wiest, P.G., LEP, Principal Hydrogeologist
Often the only environmental due diligence completed as part of property transfer deals are All Appropriate Inquiry (AAI)/ASTM 1527-13 compliant Phase I Environmental Site Assessments (Phase I ESAs). However, regulatory compliant Phase I ESAs often overlook environmental liabilities that may impact redevelopment costs and schedules, as well as tenant usability and desirability. Whether caused by the commodification of Phase I ESAs, time constraints, or inexperienced project teams, regulatory compliant Phase I ESAs may not only fail to identify environmental conditions that result in the reduction of property values, but also conditions that may result in unanticipated remediation, compliance, demolition, or constructions costs. Similarly, AAI/ASTM compliant Phase I ESAs that fail to consider state regulations may put both buyer and seller at risk by overlooking notification and reporting obligations.
This webinar, presented by, Mitchell A. Wiest, P.G., LEP, Principal Hydrogeologist, will provide a primer on the differences between compliant Phase I ESAs and what developers need to know to understand best case/worst case scenarios and the real-world implications of often overlooked conditions that are reported as simply “out of scope” data gaps, or even more vaguely as “Business Environmental Risks,” if at all. Case study examples will be used to highlight several common pitfalls and how these can be avoided.
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