Acknowledgement to XL Environmental
Most property transactions require a Phase I Environmental Site Assessment by either the contractual or lender agreement but does it fully protect the parties involved? There are limitations to a Phase I in that they only provide research into the historical use of the property. Whereas a Phase II assessment’s soil testing will uncover true contamination and exposures that could lead to costly remediation. Read XL Environmental’s White Paper on “A Clean Phase I, Why Worry? Phase I Environmental Site Assessments and Their Limitations” by Christopher Biddle, Vice President, Western Regional Manager at XL.