Effective February 13, 2024, prospective purchasers and ground tenants of commercial and industrial property seeking liability protections under the Comprehensive Environmental Response, Compensation, and Liability Act...more
As regulation of vapor intrusion continues to evolve and escalate costs at contaminated sites, due diligence practices for vapor intrusion must also continue to evolve. Potential purchasers should consider supplementing a...more
On June 15, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2023-45 and Notice 2023-47. Notice 2023-45 clarifies requirements for a brownfield site energy community safe harbor provided...more
On December 15, 2022, the United States Environmental Protection Agency (EPA) published the Final Rule, entitled "Standards and Practices for All Appropriate Inquiries," updating the Phase I Environmental Site Assessment...more
On February 13, 2023, the Environmental Protection Agency’s (EPA) final rule amending the All Appropriate Inquiries (AAI) rule took effect. Under the new rule, prospective purchasers of contaminated property can use ASTM...more
The Phase I Environmental Site Assessment (“ESA”) is the quintessential environmental diligence tool for transactions involving real property. A Phase I ESA includes a site inspection and review of current and past uses and...more
For transactions in 2023 and going forward, parties who purchase property will want to be aware of an update applicable to Phase I reports. By final rule issued on December 15, 2022, the U.S. Environmental Protection Agency...more
On December 15, 2022, the Environmental Protection Agency published a final rule recognizing ASTM E1527-21 as the new standard for performing a Phase I Environmental Site Assessment (“ESA”)....more
The United States Environmental Protection Agency ("EPA") adopted an updated standard of practice for Phase I Environmental Site Assessments on December 15, 2022. The updated standard adds more refined investigation and...more
The U.S. Environmental Protection Agency (“U.S. EPA”) has revised the standards by which real property purchasers, lessees and environmental professionals should conduct a Phase I Environmental Site Assessment (“Phase I...more
What You Need to Know- CERCLA requires prospective purchasers to conduct an “all appropriate inquiry” into the environmental conditions of a property to qualify for potential defenses to CERCLA liability. Typically, an...more
After the real estate boom in the Southeast over the past few years, there are fewer and fewer examples of clean and pristine land available for commercial or industrial use. That means more properties at risk for...more
Lenders need to consider the scope and extent of the Phase I Environmental Site Assessment (“Phase I ESA”) they routinely utilize in connection with the acquisition and financing of real estate projects. The Environmental...more
For many years, it has been standard practice for prospective purchasers and even tenants to conduct a Phase I Environmental Site Assessment (“ESA”) before acquiring a new property interest. This is for two important reasons:...more
Join Ulmer for a Live Webinar on the New Phase I ESA Standard and Solving Environmental Problems During Real Estate Transactions - The American Society for Testing Materials (ASTM) released an update last November to the...more
In November, 2021, the American Standard for Testing and Materials (ASTM) published its E1527-21 (-21 Standard), its 2021 update to its Standard Practice for Environmental Site Assessments: Phase I Environmental Site...more
On March 14, 2022, the United States Environmental Protection Agency (EPA) issued a direct final rule approving ASTM International (ASTM) Standard E1527-21 as an additional standard meeting the all appropriate inquiry (AAI)...more
As covered in my previous post, the ASTM International (ASTM) released a revised standard for conducting Phase I Environmental Site Assessments (Phase I ESAs) – ASTM E1527-21. While the E1527-21 standard has been available...more
When it comes to pre-acquisition environmental due diligence, a properly prepared Phase I ESA is the ounce of prevention that is worth a pound of cure. Phase I Environmental Site Assessments (“Phase I ESA”) are a routine due...more
On November 1, the American Society for Testing and Material’s (ASTM) released a revised standard for conducting Phase I Environmental Site Assessments (Phase I ESAs). ...more
Given the current demand for downtown properties, borrowers are acquiring contaminated properties like never before. Against this backdrop, lenders should become familiar with the basics of environmental laws imposing...more
Environmental risks are inherent in the transfer of real property. Phase I Environmental Site Assessments are an effective risk mitigation tool, but only if prepared in accordance with the current ASTM Standard E1527. This...more
When parties to an M&A deal consider most environmental risks, they essentially seek the same goals that they seek with respect to other liabilities in the deal. M&A sellers, particularly private equity sellers, seek to avoid...more
Purchasers of commercial real estate must meet a new standard to qualify for liability protection under the federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) and analogous state laws. Since...more
A new Phase I environmental site assessment standard has been approved for use in 2014, providing the most current set of environmental site assessment practices for real estate and many M & A transactions. The new Phase I...more