TDK performs all Phase I/II ESAs in accordance with the scope and limitations of the American Society for Testing and Materials (ASTM) Standard E 1527-13.
An environmental investigation is generally performed to assess current or historical land use practices and to identify the presence of any hazardous substances or petroleum products that may exist on or adjacent to the Subject Property.
A Phase I ESA (can also be known as a due diligence environmental assessment or Phase I Study) serves the following purposes:
- Determines whether the Subject Property complies with local, state, and federal environmental regulations
- Identifies noncompliance issues regarding the Subject Property
- Recommends economical solutions that will achieve compliance with applicable regulations and reduce environmental liabilities
A properly completed Phase I ESA (for real estate transactions) consists of three parts:
- A review of government records and interviews with appropriate officials, regarding the Subject Property and adjacent properties
- A site reconnaissance of the Subject Property and all structures
- An evaluation of acquired information and the presentation of findings and recommendations in a written report
Businesses and lending institutions frequently require a Phase I/II Environmental Site Assessment (ESA) to be conducted prior to securitizations, refinancing or other business transactions regarding land, building purchases or new development.