A Phase 1 Environmental Report is an important tool in determining potential environmental hazards that may exist on a property. This report is generally part of a due diligence package when purchasing or developing real property. The purpose of the Phase 1 Environmental Report is to look at the history of the property, what it has been used for in the past, and the nature of the neighbouring area for any potential signs of contamination that may threaten human health and /or the environment.
The report is completed by environmental specialists in accordance with meticulous examination of past records, site inspections and interviews with persons who are familiar with the property. This aids in assessing if there are any potential environmental threats (such as toxic waste, contaminated soil or water supplies) that may require further investigation or cleanup.
One of the top advantages that a Phase 1 Environmental Report provides is that it protects property buyers or developers from future legal and financial obligations. In the event that potential pollution is discovered, the report is a key tool which may signal whether to go ahead with the purchase or if proper cleanup efforts should be written into the deal with the seller. What’s more, lenders, investors, and governmental entities will often demand this report before they sign off on property deals and deals to develop those properties.
In summary, a Phase 1 Environmental Report helps protect the health of the public and the buyer by uncovering any potential hidden environmental issues that may be associated with a property.
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