You should perform your due diligence with any real estate transaction. For commercial properties, an Orlando Phase I environmental site assessment is crucial to your business’s financial and regulatory well-being. Here’s why.
When you purchase a home, an inspector evaluates the property to determine if it needs repairs or maintenance. An inspection report gives the buyer peace of mind that the house they’re buying is in good condition and can significantly impact the sale price. Foundation work, a new roof, or an electrical system come with hefty price tags. Building those costs into the home’s value and the sale price is crucial.
On a much larger scale, when a real estate transaction involves a commercial property, the buyer must perform their due diligence to determine the regulatory compliance and condition of the property. Our team of experts can handle your Orlando Phase I environmental site assessment, so there are no hidden surprises.
What Is A Phase I Environmental Site Assessment?
An Environmental Site Assessment (ESA) is a crucial first step to minimize risks in real estate transactions. Our expert team specializes in thorough and meticulous site assessments, identifying environmental contaminants that could impact your property’s value. Our emphasis on detail and precision guarantees that your investment is protected from financial and physical environmental concerns.
We begin with a Phase I environmental site assessment or Phase I ESA. During a commercial real estate transaction, a Phase I ESA evaluates both current and past activities on a property. The main objective is to assess whether these activities adversely affected the soil or groundwater beneath the property, posing potential environmental and human health risks. Identifying such environmental issues can substantially influence the property’s value and may result in liabilities for both the lender and the owner.
Our Orlando Phase I Environmental Site Assessment Process
Our specialized Phase I ESA services are tailored to meet the unique needs of our clients across Florida and the Southeast, ensuring environmental due diligence. A Phase I ESA includes:
Step #1: Records Review
We carefully check public records to find any past environmental issues related to the property. Our detailed review includes:
- Researching past land use
- Checking for possible sources of contamination
- Examining any previous regulatory actions or permits for the site
This thorough process helps us understand the property’s environmental history, making informed decisions during real estate transactions easier.
Step #2: Site Reconnaissance
Our Orlando Phase I environmental site assessment experts visit the property to look for any signs of environmental issues. We carefully check the site, examining the soil, water sources, and overall condition. This detailed inspection helps us understand the property’s environmental health, providing vital information for assessments.
Step #3: Interviews
We talk to current and past owners, operators, occupants, and local government officials to get direct information about the property. Engaging in these conversations helps us learn more about the history and current state of the property from those involved with it.
Step #4: Report Compilation
We gather all the assessment information and create a detailed written report. This report outlines any recognized environmental conditions (RECs) and potential concerns we found during our investigations. Having all of this information in one document helps in understanding the environmental aspects of the property, making it easier for everyone involved to grasp and address any issues.
Why Is A Phase I ESA Important?
Completing a Phase I ESA before the close of escrow provides legal protection for the buyer. If an environmental issue arises after the property transaction is finalized, the buyer (or their lender) is shielded from liability under the law.
Essentially, a Phase I ESA safeguards the new property owner from being held responsible for any environmental problems that emerge after the property has been transferred.
If a transaction is completed without a Phase I ESA, the new owner takes full responsibility for the property, including addressing any environmental issues that may arise during or after the transfer.
Let Us Handle Your Orlando Phase I Environmental Site Assessment
Creative Environmental Solutions, Inc. has a rich history of performing Phase I environmental site assessments on various properties, including forestry, agriculture, commercial, and industrial sites. We provide inventive solutions by combining hands-on experience with an industry-leading understanding of environmental regulations. Contact us today to discuss your project.
