The Phase I Environmental Site Assessment (“ESA”) is the quintessential environmental diligence tool for transactions involving real property. A Phase I ESA includes a site inspection and review of current and past uses and ownership, among other things, to evaluate actual and potential environmental conditions. If performed in accordance with the All Appropriate Inquiry
When it comes to pre-acquisition environmental due diligence, a properly prepared Phase I ESA is the ounce of prevention that is worth a pound of cure. Phase I Environmental Site Assessments (“Phase I ESA”) are a routine due diligence requirement of any commercial transaction involving real estate. A Phase I ESA generally consists of four