All Appropriate Inquiry(AAI)
In conjunction with the new law, the American Society of Testing Materials (ASTM) released the new E1527-05 guidelines for preparing environmental assessments. The new standard has a direct correlation to the AAI rule and replaces E1527-00. Congress has determined that the 1527-05 Standard meets the definition of AAI. Phase I Assessment The role of “Environmental Due Diligence” has increased dramatically over the past two decades. Buyers and lenders are more cautious than ever when entering into commercial real estate transactions about the potential environmental concerns. Our staff of experienced Environmental professionals provide consulting expertise, and technical assistance for every type of environmental issue. Utilizing database reports, historical land usage maps and on site inspections, Merritt Environmental provides clients with comprehensive reports addressing the environmental concerns of a property. Whether obtaining financing or conducting due diligence prior to a real estate transaction, we will address all potential environmental issues in accordance with the ASTM 1527 standards.
We have represented many lending institutions, insurance companies, Wall Street investment firms and private investors which require a Phase I Environmental Site Assessment (ESA) for commercial, industrial and multi-family properties before providing financing. MECC’S environmental specialists have conducted thousands of assessments outlining environmental concerns such as Gas Stations, Dry Cleaners, buried oil tanks, historical site usage, etc. Phase II Assessment Upon completing a Phase I ESA, Merritt Environmental can coordinate and assist the client in addressing environmental issues through soil and groundwater evaluation. Utilizing reputable firms, we can act as the client’s liaison until a full understanding of the environmental issues has been provided. |
On November 1, 2006 the federal Environmental Protection Agency (EPA) signed into law the All Appropriate Inquiry (AAI) Standard. The rule is designed to hold potential purchasers of real estate to a higher threshold of due diligence when petitioning for state assistance under the current CERCLIS or Brownfield’s programs.