Pros and Cons of Environmental Transaction Screens
What is an Environmental Transaction Screen? An environmental transaction screen (ETS) is a limited due diligence method that identifies potential environmental concerns (PECs) for low-risk commercial real estate. Commercial property purchasers often use an ETS as an alternative to Phase I Environmental Assessment (ESA) because of its simplicity, time, and cost-effectiveness. It involves a site […]
What Are The Misunderstandings Surrounding Phase 1 Environmental Reporting?
A Phase I Environmental Site Assessment (ESA) report investigates a property’s current condition and historical use. Its purpose is the assessment of the potential liability of a new owner due to the presence of hazardous materials. It serves in real estate transactions such as land and building purchases, leases, and bank loans for commercial real […]
What’s the Risk?
What’s the Risk?: Breaking Down Environmental Liability Environmental liability seems to be this abstract concept… until it happens. Here is how it usually happens. You decided to purchase some commercial real estate. You find the perfect property for your business and talk to the bank about getting a loan. You submit all your financial statements […]
What is a Phase I ESA? Part 3
( Click here for Part 1, Click here for Part 2 ) Phase I ESA Report: Once the environmental professional has performed the appropriate records review, site reconnaissance, and key site personnel interviews, the report can be prepared and issued. The Phase I ESA report should follow the ASTM International Standard Practice for a Phase I Environmental Site Assessment. […]
What is a Phase I ESA? Part 2
( Click here to access Part 1 ) What does a Phase I ESA contain? If you have ever had a Phase I ESA performed or looked at the report, you know they are large documents to say the least. These reports can be incredibly overwhelming if you do not have a basic understanding of the report, […]
What is a Phase I ESA? Part 1
Phase I ESA – A Primer Here at Hanis Consulting we get asked a lot, what is a Phase I ESA is and why is it needed? A Phase I ESA must cover specific criteria to be “All Appropriate Inquiry,” (or AAI) compliant. If there are any deficiencies with the Phase I ESA, the User, […]
I am a seller, why should I perform environmental due diligence on my property?
Environmental due diligence gives the seller an opportunity to correct any issues prior to listing the property, that the buyer’s consultant would likely find. This gives the seller the opportunity to increase the asking price for the property. To give a parallel example, it’s like knowing you need to re-roof your home in order to […]
How does Environmental Due Diligence help Buyers?
In addition to being protected from financial liabilities, environmental due diligence can be a useful tool for buyers wanting to get the best investment value for a property. Knowing environmental risks at a property prior to purchasing can be used to the buyer’s advantage in negotiations, while not understanding environmental risks can be costly later. […]
Environmental Due Diligence – An Introduction
This article covers several questions that we get at Hanis Consulting, Inc. regarding environmental due diligence and is intended for people that know very little about environmental due diligence, Phase I Environmental Site Assessments and All Appropriate Inquiry. This is the first in a series of articles to demystify the environmental due diligence process to […]
