Phase I Environmental Site Assessment Services

The purpose of a Phase I Environmental Site Assessment is to determine the environmental condition of a property and to comply with due diligence (i.e, all appropriate inquiry) requirements (e.g., Innocent Landowner Defense, under the Comprehensive Environmental Response, Compensation and Liability Act of 1980; Part 201 and 213 of Michigan's National Resources and Environmental Protection Act).

However, many times a more practical reason for performing a Phase I ESA is to evaluate the business aspects regarding environmental risks associated with the property. Similar to a traditional property condition assessment, a Phase I ESA can identify site features that have potential to materially affect the financial aspects of the transaction.

VEI conducts Phase I Environmental Site Assessments in order to assess potential liability associated with commercial real estate transactions including purchases, sale/divestiture and refinancing. Phase I Environmental Site Assessments are performed in accordance with the American Society for Testing and Materials (ASTM) Guideline E 1527-00.

VEI recognizes that timing is a critical aspect for real estate transactions and typically is able to respond within 1-3 days of an authorization to proceed. More importantly, our staff is keenly aware that the purpose of our assignment is to facilitate "closing the deal" as opposed to creating obstacles to a successful transaction.

• Selected Project Summaries