Through November of 2021, over 300,000 Phase I Environmental Site Assessment (ESA) Reports have been prepared in the United States in connection with the sale, purchase, financing, and development of commercial real estate. The primary purpose of conducting a Phase I ESA is to identify whether there are Recognized Environmental Conditions (RECs) in connection with a property being investigated.
With the release of its updated Standard Practice, ASTM E1527-21, the American Society of Testing and Materials (ASTM) offered several significant changes. One of the most overlooked yet potentially significant changes involves the definition of a REC.[Read more…] about New Phase I ESA Standard Redefines “Recognized Environmental Condition”