What is Phase 1 Environmental?
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. This page contains links relating to Phase 1 Environmental Site Assessments, as well as, news feeds for the real estate, financial and environmental industries.
Who should I hire to do my Phase 1 Environmental report?
Hiring an Environmental Professional, as defined by ASTM Standard E-1527-05, is important in making sure your Phase One report is accepted by a lender and meets the requirements for Landowner Liability Protection. Hiring a company with extensive experience on a wide variety of environmental projects throughout the United States is also important. This will assure that lenders will accept the report. Professional Liability and Errors & Omissons insurance, with a minimum of $1,000,000 coverage, are also also typically required before a lender will accept the report. This will also protect you in case any Recognized Environmental Conditions are missed. Additionally, ask the environmental company if they have ever been sued for an error or omission.