While in the market to purchase real estate, a potential buyer should obtain as much information about that property as possible. This is known as due diligence. In real estate, this term refers to the investigation of facts about the physical and financial condition of the property for sale, as well as its surrounding area. When doing so, it’s important to not only inspect the property, but the land it sits on as well. Here, Care Environmental Remediation Services in Northern New Jersey discusses the correlation between environmental site assessments and the due diligence process.
Why Environmental Site Assessments Are Important
When it comes to real estate, environmental due diligence is a significant factor. Environmental site assessments can help potential buyers uncover environmental risks before finalizing the sale. Environmental due diligence is a legal and technical investigation, which is performed with the intent to uncover information regarding a property’s current and historical condition. This assessment is used to determine and manage environmental risks, as well as allocate liability.
If it is determined a property has environmental risks, it could depreciate in value. This makes the findings of these site assessments crucial before any sale is finalized. What’s more, remediation services will be required by whichever party is deemed liable to remedy the issue.
Types of Environmental Site Assessments
Professional environmental consulting firms such as Care Environmental Remediation Services provide clients with a variety of testing services to assist in these efforts. Two types of site assessments used for real estate due diligence are:
Phase I Environmental Site Assessment
This assessment refers to the initial study conducted. During this evaluation, an environmental consulting firm will gather information to determine if chemicals have been used onsite by past ownership. This is accomplished by reviewing current and past property records and maps regarding the property. While a visit to the site is required for observation, no soil and water samples are taken for direct testing at this point.
Phase II Environmental Site Assessment
When a Phase 1 Environmental Site Assessment has identified harmful environmental conditions or potential soil contamination, a Phase II Environmental Site Assessment is required. The purpose of this evaluation is to determine the presence or absence of hazardous wastes in the subsurface of the site. This involves taking soil and water samples to be further analyzed. This assessment also includes a report with recommendations on how to best remediate the site and restore its safety.
Contact Care Environmental Remediation Services for Soil Testing Services
When looking to do your due diligence as a potential buyer or seller, it’s important to choose an environmental firm you can trust. Licensed by the New Jersey Department of Environmental Protection (NJDEP) as a Certified Subsurface Evaluator, the team at Care Environmental Remediation Services is highly experienced in environmental site assessments and can provide clients with the most accurate data available.
Our locally owned and operated business evaluates commercial and residential properties for clients throughout Northern New Jersey, including Somerset, Morris, Warren, and Sussex counties. To schedule a consultation, reach out today.