Under current
state and federal hazardous waste and environmental laws, a property
owner may be held responsible for the improper management practices of
hazardous substances on their property, and for cleaning up that
property, even through the practices may have occurred during previous
ownership. To assist in evaluating the potential environmental
liability involved in real estate transfer RCS, Inc. conducts
preliminary assessments for buyers and sellers of properties. In
addition, RCS, Inc. also works with their brokers, attorneys, insurance
companies, and lending institutions to evaluate the condition of a
property relative to potential hazardous substances contamination.
RCS,
Inc. assists in all phases of
project development from inception to the final stages of construction,
operation, and (where applicable) closure and reclamation. RCS, Inc.
manages comprehensive baseline studies, prepares all required
environmental documentation, and provides a liaison between developers
and regulators, augmenting RCS, Inc.'s in-house staff with specialized
consultants, as necessary.
PHASE I
Individuals
buying a piece of commercial property are responsible for performing
"due diligence" and investigating the environmental history of the
property. Most banks will require a proper Phase I Environmental
Site Assessment (ESA) in order to secure a loan to purchase the
property. A Phase I ESA identifies Recognized Environmental
Conditions (RECs). RECs at a site can drastically affect the price
and value of the piece of property, as well as increase the buyer's
liability, if the property is contaminated. The new owner may be
required to "clean up" and / or remediate the land at his or her own
cost.
PHASE II
A Phase II ESA
is usually conducted to confirm the presence or extent of
contamination to the property. Phase II ESAs involve the collection
and analyses of groundwater, soil, and air. This is done to confirm
and assess the presence and extent of hazardous materials on the
property that were suspected or identified during the Phase I
Environmental Site Assessment. The purpose of a Phase II ESA is to
obtain a better understanding of the potential environmental
liabilities for the property and the financial impacts of such
liabilities.
PHASE III
Phase III ESAs
are performed to determine whether site remediation is required
based on the level of contamination. The planned land use for the
property is a key factor in this determination. Land that will be
used industrially will require less stringent cleanup than land that
will be used as a residential area. Adjacent land use and nearby
water are also considerations.
