Phase 1 Site Assessments are done for a number of reasons. Below are common examples of why you would order a Phase 1:
- Purchase of real property (property or personal property) by a person or entity not previously on title
- Contemplation by a new lender to provide a loan on the subject real estate
- Partnership buyout or principal redistribution of ownership
- Application to a public agency for change of use or other discretionary land use permit
- Existing property owner's desire to understand toxic history of the property
- Compulsion by regulatory agency who suspects toxic conditions on the site
- Divestiture of properties
Many lending institutions require a Phase One Environmental Site Assessment clearance before lending money. A properly done Phase One is for the protection of all involved parties, not just the buyer.
August Mack specializes in environmental, health and safety compliance; environmental due diligence; environmental site remediation; and sustainable business strategies to the industrial, legal, financial, health care and government sectors throughout North America. August Mack has offices in Indiana, Michigan, Missouri, Ohio and Pennsylvania. For more information on August Mack's environmental, health and safety services, visit www.augustmack.com or call 800.579.0770.
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