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Due Diligence Documentation "Exhibit E-13"
Environmental Phase I Report
The following notes
are provided pertaining to this exhibit:
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What: every
U.S.-based commercial real estate transaction (i.e.: both new construction
projects and acquisitions of existing projects) must have an Environmental
Phase I report prepared by a qualified environmental engineering firm that
confirms the fact that no environmental hazards exist on the property,
including wetlands.
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When: the
environmental testing and reporting regimen is undertaken as soon as the
Project Site is identified and placed under contract. Typically, these
tests take 45 to 90 days to complete.
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Why: federal
law requires that each tract of real property be free of environmental
hazards and that no construction shall be undertaken on areas identified as
wetlands.
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Where: tests
are done onsite and offsite, with the resulting report being issued to the
Design/Builder.
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How: all of
the soils tests are conducted by the Project Environmental Engineer.
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What's important: there
should be no environmental hazards on the building site. Any hazards
found must be remediated before building can begin. In cases where a
hazard is found (or suspected), an Environmental Phase II plan must be
included in the documentation that provides a site remediation plan and
budget for the remediation activities.
For more information, please contact us at 832.659.5009 or via email at info@realestateplays.com.
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