3 Reasons Why Phase 1 Environmental Site Assessments Are Important

In this article, the importance of Phase 1 Environmental Site Assessments (ESA) when purchasing a commercial property is discussed. A Phase 1 ESA report is conducted to identify potential contamination and evaluate the environmental risks associated with a property. Three reasons why a Phase 1 ESA report is important are highlighted: liability protection for the owner, reduction of business risk associated with contamination, and prevention of future problems when selling the property. Failure to perform a Phase 1 ESA report could result in significant costs associated with remediation, and it is always better to be safe than sorry when purchasing commercial property.