Ken Gray, Partner, Pierce Atwood LLP
You’re thinking of buying a property and are advised to do some environmental due diligence. Why is environmental due diligence important? Simple: you can save money and multiple headaches later, preserve the value of the property, and limit your liability under federal and state cleanup programs. Below is a quick look at some of the recent environmental issues involved in real estate transactions, and some of the practical solutions.
Phase I
The first step of environmental due diligence is often having a Phase I Environmental Site Assessment conducted. Here are some typical Phase I problems: