Historical Version s - view previous versions of standard. Work Item s - proposed revisions of this standard. More E While use of this practice is intended to constitute all appropriate inquiries for purposes of the LLPs , it is not intended that its use be limited to that purpose. This practice is intended primarily as an approach to conducting an inquiry designed to identify recognized environmental conditions in connection with a property. No implication is intended that a person must use this practice in order to be deemed to have conducted inquiry in a commercially prudent or reasonable manner in any particular transaction.
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Historical Version s - view previous versions of standard. Work Item s - proposed revisions of this standard. More E While use of this practice is intended to constitute all appropriate inquiries for purposes of the LLPs , it is not intended that its use be limited to that purpose.
This practice is intended primarily as an approach to conducting an inquiry designed to identify recognized environmental conditions in connection with a property.
No implication is intended that a person must use this practice in order to be deemed to have conducted inquiry in a commercially prudent or reasonable manner in any particular transaction. Nevertheless, this practice is intended to reflect a commercially prudent and reasonable inquiry.
See Section 1. Thus, these transactions are not included in the term commercial real estate transactions, and it is not intended to imply that such persons are obligated to conduct an environmental site assessment in connection with these transactions for purposes of all appropriate inquiries or for any other purpose. In addition, no implication is intended that it is currently customary practice for environmental site assessments to be conducted in other unenumerated instances including but not limited to many commercial leasing transactions, many acquisitions of easements, and many loan transactions in which the lender has multiple remedies.
Consequently, this practice does not address many additional issues raised in transactions such as purchases of business entities, or interests therein, or of their assets, that may well involve environmental liabilities pertaining to properties previously owned or operated or other off-site environmental liabilities.
No practical standard can be designed to eliminate the role of judgment and the value and need for experience in the party performing the inquiry. The professional judgment of an environmental professional is, consequently, vital to the performance of all appropriate inquiries. Such additional services may include business environmental risk issues not included within the scope of this practice, examples of which are identified in Section 13 under Non-Scope Considerations.
Performance of this practice is intended to reduce, but not eliminate, uncertainty regarding the potential for recognized environmental conditions in connection with a property , and this practice recognizes reasonable limits of time and cost. There is a point at which the cost of information obtained or the time required to gather it outweighs the usefulness of the information and, in fact, may be a material detriment to the orderly completion of transactions.
One of the purposes of this practice is to identify a balance between the competing goals of limiting the costs and time demands inherent in performing an environmental site assessment and the reduction of uncertainty about unknown conditions resulting from additional information. Consistent with good commercial and customary practice, the appropriate level of environmental site assessment will be guided by the type of property subject to assessment, the expertise and risk tolerance of the user , and the information developed in the course of the inquiry.
Environmental site assessments must be evaluated based on the reasonableness of judgments made at the time and under the circumstances in which they were made. Subsequent environmental site assessments should not be considered valid standards to judge the appropriateness of any prior assessment based on hindsight, new information, use of developing technology or analytical techniques, or other factors.
Subject to Section 4. Therefore, this practice describes procedures to be followed to assist users in determining the appropriateness of using information in environmental site assessments performed more than one year prior to the date of acquisition of the property or for transactions not involving an acquisition the date of the intended transaction. The system of prior assessment usage is based on the following principles that should be adhered to in addition to the specific procedures set forth elsewhere in this practice:.
However, such information shall not be used without current investigation of conditions likely to affect recognized environmental conditions in connection with the property. Additional tasks may be necessary to document conditions that may have changed materially since the prior environmental site assessment was conducted.
No specific legal relationship between the environmental professional and the user is necessary for the user to meet the requirements of this practice. Controlled substances are not included within the scope of this standard.
Additionally, an evaluation of business environmental risk associated with a parcel of commercial real estate may necessitate investigation beyond that identified in this practice see Sections 1. The term recognized environmental conditions means the presence or likely presence of any hazardous substances or petroleum products in, on, or at a property : 1 due to any release to the environment ; 2 under conditions indicative of a release to the environment ; or 3 under conditions that pose a material threat of a future release to the environment.
De minimis conditions are not recognized environmental conditions. Inclusion of petroleum products within the scope of this practice is not based upon the applicability, if any, of CERCLA to petroleum products. See X1. Users are cautioned that federal, state, and local laws may impose environmental assessment obligations that are beyond the scope of this practice. As such, sufficient documentation of all sources, records, and resources utilized in conducting the inquiry required by this practice must be provided in the written report refer to 8.
Section 13 of this practice identifies, for informational purposes, certain environmental conditions not an all-inclusive list that may exist on a property that are beyond the scope of this practice, but may warrant consideration by parties to a commercial real estate transaction. Section 1 is the Scope. Section 2 is Referenced Documents.
Section 3 , Terminology, has definitions of terms not unique to this practice, descriptions of terms unique to this practice, and acronyms. Section 4 is Significance and Use of this practice. Section 5 provides discussion regarding activity and use limitations. Sections 7 — 12 are the main body of the Phase I Environmental Site Assessment , including evaluation and report preparation.
Section 13 provides additional information regarding non-scope considerations see 1. The appendixes are included for information and are not part of the procedures prescribed in this practice. Part Appendix X3 provides an optional User Questionnaire to assist the user and the environmental professional in gathering information from the user that may be material to identifying recognized environmental conditions.
Appendix X5 summarizes non-scope considerations that persons may want to assess. It is the responsibility of the user of this standard to establish appropriate safety and health practices and determine the applicability of regulatory limitations prior to use.
This document cannot replace education or experience and should be used in conjunction with professional judgment. Not all aspects of this practice may be applicable in all circumstances. Referenced Documents purchase separately The documents listed below are referenced within the subject standard but are not provided as part of the standard.
The system of prior assessment usage is based on the following principles that should be adhered to in addition to the specific procedures set forth elsewhere in this practice: 4. Scope 1. Link to Active This link will always route to the current Active version of the standard.
ASTM E1527-05 Standard – Phase I Environmental Site Assessments
The Public Inspection page on FederalRegister. The Public Inspection page may also include documents scheduled for later issues, at the request of the issuing agency. The President of the United States manages the operations of the Executive branch of Government through Executive orders. The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. The President of the United States issues other types of documents, including but not limited to; memoranda, notices, determinations, letters, messages, and orders. Each document posted on the site includes a link to the corresponding official PDF file on govinfo. This prototype edition of the daily Federal Register on FederalRegister.
ASTM issues new ASTM E1527-13 standard for phase I ESA
Please contact customerservices lexology. The newly released standard attempts to clarify interpretations of the previous standard. The amendment also includes a new term, Controlled Recognized Environmental Condition, and addresses the potential assessment for Vapor Migration Risk. The amendment further clarifies requirements for the requisite regulatory file review and includes updates to User responsibilities under the standard. If you would like to learn how Lexology can drive your content marketing strategy forward, please email enquiries lexology. I find the content very timely and well written.