Search
 

Update on the New Phase I Environmental Standard ASTM E1527-13

The new Phase I ESA standard (ASTM E1527-13) is in its final stages of the approval process - read about the major proposed changes.

By Jenny Redlin | Updated on May 28, 2013

A Phase I Environmental Site Assessment is only useful if it addresses all current and relevant issues impacting risk associated with real estate transactions. That’s why the American Society for Testing Materials (ASTM) is updating the industry’s Standard Practice for Phase I Environmental Site Assessments to reflect recent changes in the due diligence world. The 2013 version of the Phase I ESA standard, ASTM E1527-13, is undergoing some final tweaks and, pending approval by the US Environmental Protection Agency (EPA), is expected to be passed this summer.

While ASTM E1527-13 is predicted to differ only on a few key points from its 2005 predecessor (which at the time was revised mainly to meet the EPA’s new requirements for All Appropriate Inquiry [AAI] for environmental due diligence), these proposed changes could have an important impact on the way Phase I ESAs are conducted and written. There is some concern that, under certain circumstances, the proposed changes may increase costs for the user and add to report delivery times – a fear that’s not unsubstantiated.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.