Phase 1 ESA [What it is and why it's Important]

Essel Environmental’s Nik Lahiri takes us through what a Phase 1 Environmental Site Assessment (Phase 1 ESA) is and how it can protect property purchasers from liability.
Learn what goes into a Phase 1 Environmental Site Assessment (Phase 1 ESA); as a commercial property owner, you are now responsible for any contamination found on the property. When developers or investors buy commercial real estate - Phase I is usually always performed during the due diligence period.
So when a bank requires you to have a Phase 1 ESA, you’ll know what goes into a report, How long a report takes and the estimated cost of a Phase 1 ESA.
For all things Phase 1 ESA, reach out to the environmental experts at Essel today.
www.esseltek.com/environmenta...
If you are thinking about purchasing real estate, make sure you do your due diligence and cover the bases with a Phase 1 environmental site assessment from Essel Environmental.
Request a Quote Today!
www.esseltek.com/contact-us/
0:00 Start
0:21 What is a Phase I ESA
1:09 What are the rules that govern a Phase I ESA?
3:22 What's involved in a Phase I ESA?
6:51 How long does a Phase I ESA take?
8:56 How much does a Phase I ESA cost?

[@jasonshackelford5895]

Thanks for the quick response. So, yes, if someone goes to a lender for financing for a commercial property, then they are required to get an ESA? That is great for environmental professionals.

[@volvo8938]

thanks for the video, are soil tests/samples part of the Phase 1?

[@JesseDIY]

No

[@jasonshackelford5895]

Why aren't these ESA's required during the purchasing on a commercial property?

[@theesselchannel]

Great question Jason. Partially because some people pay cash vs get a loan. But, ALL lenders will require a Phase 1 ESA. If a property is purchased with hard money or all cash - no entity is "requiring" it ... so that's usually what happens. Hope that helps.

[@Nyowayro]

Since this is an expert related information, a property buyer don’t have this level of understanding and must therefore be protected