In order to address the growing challenges posed by escalating climate uncertainties in the real estate sector, ASTM International (ASTM) published in October 2024 the “Standard Guide for Property Resilience Assessments,”...more
Owners, lenders and investors in real property have long relied on ASTM E 1527-21, a product of ASTM International, in connection with Phase I Environmental Site Assessments. This product is used to establish that “all...more
On December 15, 2022, the United States Environmental Protection Agency (EPA) published the Final Rule, entitled "Standards and Practices for All Appropriate Inquiries," updating the Phase I Environmental Site Assessment...more
The Phase I Environmental Site Assessment (“ESA”) is the quintessential environmental diligence tool for transactions involving real property. A Phase I ESA includes a site inspection and review of current and past uses and...more
For many years, it has been standard practice for prospective purchasers and even tenants to conduct a Phase I Environmental Site Assessment (“ESA”) before acquiring a new property interest. This is for two important reasons:...more
When it comes to pre-acquisition environmental due diligence, a properly prepared Phase I ESA is the ounce of prevention that is worth a pound of cure. Phase I Environmental Site Assessments (“Phase I ESA”) are a routine due...more