Environmental Site Assessments - Why They Are Important
In the United States, a detailed site survey is a written report prepared for an individual real estate Holding that identifies existing or potential Environmental Site Assessments Ohio. The report, usually termed ESAs, generally deals with both the physical and/or underlying property. It will generally contain one or more of the following sections: An Environmental History, An Information System for Reporting Environmental Site Studies, A General Description of the Property, An Analytical Assessment and Reviews, and Identification of Control Options. All documentation required by Federal law, or identified in the course of performing the Environmental Site Studies, must be included in the final report.
Environmental History environmental site assessments typically highlight a company's environmental history. This includes: a general description of how the Company became involved in the environment, what its manufacturing processes were, how emissions of substances from the business were controlled, and any regulatory compliance actions the company has taken. For companies that have been in operation for more than twenty-five years, an informative section may also be included. If an environmental site evaluation was conducted prior to the creation of the Companies, it is critical that this section be included. In order for these reports to be complete, regulatory documentation must be available for all years of operation.
An Information System for Reporting Environmental Site Studies An information system for reporting on environmental issues is very important for any housing or commercial real estate investing process. Unfortunately, not all companies create an information system, which means not all buyers are able to fully understand their real estate investments. Buyers need to be provided with information concerning contaminated areas on the property as well as information concerning the nature of the contaminated area. For instance, did the contaminated area result from an old leaky pipe or a large animal spill?
Comprehensive Inventory Management is essential for managing contaminated sites. Buyers need to be provided with the dates when a site was last cleaned, what chemicals were used to clean it, and what types of equipment were used. Buyers can also expect to receive notification if an Environmental Site Assessment determines that an Environmental Site Assessments is necessary for the property in question.
Standard Practice Environmental Site Assessments The EPA established the National Pollutant Discharge Elimination System (NPDES) in 2021. NPDES is the regulatory body responsible for ensuring that federal standards for chemicals and other contaminants are met on U.S. residences and commercial properties. For over thirty years, EASAs have been utilized to test for and determine the safety of new and existing facilities.
Aesthetics and Lifestyle considerations can greatly affect an investor's decision on whether or not to purchase an asset. Aesthetics are largely impacted by cost, and investors would want to be sure that their facility can meet the highest quality standards possible. Buyers will be required to conduct Environmental Site Assessments as part of the standard practice for all real estate inspections. Site assessments are the next step after an inspection to identify and correct identified environmental site assessments.
Standards and Methods NPDES permits only those chemicals that are consistent with the standards set forth in the Final Rule. The Final Rule specifies what each chemical may contain, how it may be used, and when it may be used. Before a facility can apply for EPA certification, they must comply with the Final Rule. If the seller and/or buyer cannot correctly comply with the Final Rule, then they may not be considered compliant with EPA standards and therefore NPDES permits for real estate transactions will not be accepted.
It is important for investors to remember that even if a facility complies with all state and federal requirements, that does not guarantee that the facility is safe from all risks. For example, facilities that use chemical agents for soil remediation are considered hazardous, even if the agent does not contain toxic substances. Investors who are interested in purchasing such a facility should make sure that the seller and/or buyer have obtained and maintained a non-chemical hazardous site assessment from an EPA certified NPDES environmental professional. As long as the non-chemical site assessment complies with the final rule, investor confidence in the facility should not be affected.
