Astm phase i update requirements

A common error of those relying on a Phase I ESA report is to assume the date of the report starts the day timeframe of viability. E will require the date of completion for each element of the Phase I ESA report, allowing end-users to readily identify when one or more updates are needed according to the AAI Rule. Additionally, the updated standard will note that a Phase I ESA report represents a snapshot in time and is not intended to forecast beyond the date it was produced.

Over the next few months, the ASTM subcommittee will consider input from the environmental due diligence industry and stakeholders, then finalize and subsequently vote on proposed changes under E If you are a prospective buyer or seller of commercial real estate or an investor, lender, attorney, or environmental professional and have questions, concerns, or suggestions about the new ASTM E standard drafting process, we encourage you to reach out to the ASTM Committee E50 on Environmental Assessment, Risk Management, and Corrective Action.

Your email address will not be published. This site uses Akismet to reduce spam. Learn how your comment data is processed. Just what defines a REC? Why must we understand the history of Adjoining Properties? Why do we need heightened awareness for Emerging Contaminants? In order to do this, you need to do your environmental due diligence, which in this case is a Phase I ESA.

Fail to do it, and you can very well be held responsible for past contamination of the site, regardless of whether or not you're responsible for it. As you can imagine, that can be extremely expensive. The Federal government didn't want to write regulations dictating how a Phase I must be done, so they let ASTM handle that task, and said if ASTM standards are followed, then it's a valid Phase I and qualifies for certain liability protections.

The ASTM standard states that a Phase I Environmental Site Assessment which was completed less than days prior to the date of acquisition of the subject property is presumed to be valid.

Between days and one year, the Phase I needs to be updated fairly comprehensively. Beyond one year, and the Phase I is no longer presumed to be valid. To summarize, a Phase I is good for 6 months. After 6 months, it needs a comprehensive update. After one year, it's no longer valid. Any older than that, and the report most likely won't accurately reflect site conditions and activities.

Conditions can change quickly, and a lot of environmental damage can occur over the course of 1 year. I mentioned above using the old Phase I given to you by the buyer's attorney, which is something we've seen happen a lot.

That's kind of like buying a used car off of someone, and they give you an old report from their mechanic from a couple of years ago attesting that the car is okay. Would you buy that car based off the information you're given? Of course not! So why would you settle for it in a transaction of this magnitude and potential liability? Bottom line? The U. EPA and the courts, such substances must be evaluated within the scope of this standard.

This will be an important development in coming years, so it will be prudent for EPs to keep up with relevant regulatory updates at the Federal level as well as in their own states of operation. Currently the Task Group is opening the second member ballot to address negative comments from the first round.

The next goal is to submit the final version to the U. EPA in January for final approval and publication by December The changes mentioned above are an important starting step, though by no means final, in the path towards producing the next version of the ASTM E standard. ASTM guidance documents evolve based upon industry best practices and benefit immensely from the investment by actively engaged members of our community who are contributing to this process.

Elizabeth Krol is nationally recognized as a Professional Geologist PG and Environmental Professional EP specializing in providing environmental and property due diligence services to real estate investors, financiers and attorneys.

In addition to her work with the ASTM technical work group, she is the Co-Editor of the EBA Journal, a twice-annual technical publication of the Environmental Bankers Association, which is dedicated to supporting risk management professionals in lending on commercial real estate transactions nationwide.

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