American Society for Testing and Materials (ASTM) Revision
The EPA (Environmental Protection Agency) has approved the ASTM E1527-21 Standard Practice for Phase I Environmental Site Assessments.
Here are some of the main points purchasers, developers, lenders, and others involved in commercial real estate transactions need to know:
- As of February 13, 2023, the amendment to the All Appropriate Inquiry Rule (AAI) will go into effect, recognizing ASTM E1527-21 as the standard that satisfies AAI to support a defense to CERCLA (Comprehensive Environmental Response, Compensation and Liability Act).
- The previous standard—ASTM E1527-13, will continue to be recognized for another year, through February 13, 2024. After that time, the ASTM E1527-13 standard will sunset and will no longer be recognized by EPA as satisfying AAI. Accordingly, either standard may be used for Phase I Environmental Site Assessments through February 13, 2024, but after that date, only the ASTM E1527-21 standard should be used.
The changes to the standard overall are minor. The E1527-21 includes clarification regarding the following:
- Historical research – now requires Sanborns, Aerials, Topographies and Directories at minimum for subject property and adjoining properties.
- Additional research for Industrial Use as in past but have added Manufacturing and Retail to require the same plus building records, interviews, property tax files and zoning/land use records.
- Emerging contaminants (i.e.: Perfluoroalkyl and Polyfluoroalkyl Substances “PFAS”– not mentioned by name) – considered to be a Non-Scope Issue at this time, as they are not listed under CERCLA as Hazardous at this time. The moment they are listed by CERECLA, the would be considered under the standard.
NV5 offers a one-hour seminar on Environmental Reports that includes a discussion on these revisions. The seminar can be provided in person or on- line and in some states qualifying for continuing education credit. Please contact us at 800-787-8397, ext. 15135 or via email at: James.Brown@NV5.com.
Introducing NV5 Real Estate Transaction Services
Bock & Clark, celebrating 50 years of providing service to the real estate industry, is now fully integrated into the NV5 family of companies. We are now known as NV5 Real Estate Transaction Services. The level of service, our product line and commitment to quality remains unchanged. When engaging with us for your due diligence needs, you can trust that we bring those 50 years of industry experience to execute and deliver service beyond your expectations.
All contacts remain the same as we provide the commercial real estate industry with ALTA Surveys, Zoning Reports, and Environmental and Assessment Services, nationwide. Our clients and contacts will notice changes to our materials and website.
Please bookmark our New Website at staging.nv5.com/real-estate-transaction-services. All web traffic to www.bockandclark.com will be redirected to our new site. Our section of the NV5 website will continue to offer online quote requests, showcase our educational materials including our handbook, newsletter, and blog posts, and provide general information about our services the industry has come to rely upon.
We look forward to this next chapter in our company history and appreciate the continued support of our customers. If you have any questions, please don’t hesitate to reach out to your NV5 Real Estate Transaction Services contact.