Environmental site assessments are crucial for evaluating the ecological condition of your property. They give you valuable information about the condition of your property and help you see if there is any contamination risk and liability in your property. Visit site of any experts to learn more in detail.
What is the First Phase of Environmental Site Assessment?
Before we delve into what an environmental site assessment is, let us first understand its meaning. An environmental site assessment is a test to determine the environmental condition of your property.
The assessment is a review of the property’s history and its surrounding area to identify potential risks and liabilities associated with the property.
When to Carry Out Phase I of Environmental Site Assessment?
A typical situation requiring an environmental site assessment is when you want to buy or sell a piece of property, so you need to conduct an environmental site assessment to determine if there are any issues with your property. It is crucial for commercial real estate, as it is used for industrial and commercial purposes.
Lenders will require the first phase of an environmental site assessment before granting a loan for the property to the buyer. It is to ensure that the property is not contaminated and that there are no risks or liabilities that could affect its value.
When to Carry Out Phase II of Environmental Site Assessment?
Sometimes the first phase of the environmental assessment might lead to the second phase. If there is a possibility of contamination, the owner may need to test the property’s soil for the presence of metallic or volatile compounds.
While the second phase of environmental assessment is not common, other situations may lead to further investigation.
So it becomes crucial to ensure the reliability of this test. This could be done by hiring professionals, such as Advanced Construction Technologies, to test the soil for any toxic properties.
Main Components of the Environmental Site Assessment
A thorough job of environmental site assessment includes various core elements that ensure an accurate and compliant result.
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Review of Records
The examiner reviews historical land records, building permits, and various environmental databases to gather relevant information.
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Site Reconnaissance
Visual inspections are conducted on-site by an environmental expert. Observations are carried out, which include soil staining and evaluating structural conditions.
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Interviews
There will be conversations with current and previous owners of the real estate, the tenants, and other community members.
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Laboratory Analysis
Comparing lab results against the proper standards to decide if there is a need for remediation.
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Risk Assessment
Evaluating contamination impact on human health, and how much the property is worth.
Benefits Of Carrying Out An Environmental Site Assessment
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Financial Risk Mitigation
The mitigation will identify any potential environmental liabilities before development or purchase.
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Compliant With Regulations
The property owner must meet industry and government requirements to comply with environmental standards.
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Property Value Protection
Makes sure that the property is safe to live in and also saleable for future purchases.
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Smooth Selling Transactions
With increased transparency, the process of selling a property will significantly speed up.
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Access to Grants
Many regions require environmental site assessments to qualify for tax credits.
Takeaway
There are a lot of essential things to bear in mind when selling a commercial or private property, so you need to carry out a proper environmental site assessment on your property.
