More Residential Property Transactions Requesting Environmental Site Assessments
The environmental and building consulting experts at EC2 provide Phase 1 environmental assessments for a growing number of residential real estate deals.
Environmental due diligence, also known as a Phase 1 investigation, is a common occurrence before many commercial property transactions occur. The Phase 1 investigation is used by potential property buyers and lenders to determine if a property has any environmental contamination issues and to assess any potential liability from the contamination.
In 2005 the U.S. Environmental Protection Agency (EPA) issued the All Appropriate Inquires (AAI) Rule – Environmental Site Assessments, Phase 1 Investigations. It established the standards and requirements for conducting the necessary investigations to qualify for landowner liability protection under CERCLA.
According to the EPA, “The Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), also known as “Superfund,” was established to address abandoned hazardous waste sites. Among other things, CERCLA establishes a liability scheme for determining who can be held accountable for releases of hazardous substances.” The EPA’s standards and practices are set force in regulations promulgated at 40 CFR Part 312. They also recognize ASTM International Standards E1527-05 and E2247-08.
Recently there has been a growing trend in the residential property market in the greater Chicago area of conducting Phase 1 investigations before a property transaction. EC2, Inc. (ec2) is a leading provider of Phase 1 investigations and has witnessed this trend firsthand. “Traditionally Phase 1 environmental site assessments were conducted almost entirely for commercial property transactions,” reported Ed Chambers, President of ec2. “In recent times ec2 has been witnessing a dramatic increase in the number of Phase 1 investigations being requested for residential property transactions in the Chicago and Northern Illinois areas.”
Residential property owners and lenders are growing increasingly concerned about past land uses and Phase 1 investigations from ec2 provide the answers they need. People interested in learning more about Phase 1 investigations or environmental, IAQ and building science issues can follow ec2 on Twitter at www.twitter.com/EnvProfessional. To learn more about ec2 please visit www.4ec2inc.com, email firstname.lastname@example.org or call (815) 703-9000.
About EC2, Inc.
EC2 is a leading provider of environmental consulting and inspection services for clients across the United States. Based in the Chicago area, the company provides their services to clients ranging from local companies and institutions to international Fortune 500 corporations.
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- Paul Cochrane
- Cochrane & Associates, LLC
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