Published Article: Why New Phase I Site Standard Matters For Real Estate
Why New Phase I Site Standard Matters For Real Estate
Written by Lorene L. Boudreau of Ballard Spahr LLP and Roux’s Mitchell A. Wiest, P.G., LEP & Sara Redding
The preeminent standard for Phase I environmental site assessment—an essential part of transactional due diligence—is changing. Last month, ASTM International, the leading technical standards organization, published the highly anticipated update to the Phase I environmental site assessment, or ESA, process.
The new standard should be followed by interested parties in transactions involving real estate if they wish to claim certain liability protections under the Comprehensive Environmental Response, Compensation, and Liability Act, or CERCLA, also known as the Superfund law, as well as other benefits offered by many states.
The new standard, known as E1527-21, is an update to E1527-13, and is based on lessons learned, as shared by practicing environmental professionals and users of the standard, as well as a review of recent litigation and claims arising from Phase I ESA disputes.
To read more, use the link below to request a complimentary copy of this article, published by Law360.