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Why are environmental property assessments variously called Phase 1, Phase 2 and Phase 3?
Environmental property assessments during real estate transactions are designed to identify signs and indications of contamination and satisfy "All Appropriate Inquiry" standards.
The assessments are often designed in phases so that a client can choose whether to proceed from a site visit and historical record research (Phase 1) to more detailed assessments involving sampling, developing site specific standards and, if necessary, cleanup (Phase 2, Phase 3).
In many cases, a Phase 1 review is sufficient. In others, more detailed work may be recommended. By phasing the assessment, a client can rethink plans, re-negotiate, or even terminate a transaction along the way without committing to incur maximum expenses.
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