Wednesday, January 15, 2014

EPA Alert.....Notice by A. John Richwine CCIM

EPA has released the first major update in the last decades in the procedure known as Phase I Inspections for buyers of commercial, industrial and other properties have known to investigate for environmental problems prior to acquisition. Buyers need to evaluate the risks and potential costs of assessment and clean-up of contamination and other regulatory issues, which costs can far exceed the value of the property. These 2014 Phase 1 rules and regulations are considered to be significantly more technical in approach  as were the prior decades procedures.
Some of the major changes in the rules are:
1.    migration of potentially harmful vapors from hazardous substances and petroleum products
2.    definitions of what constitutes Recognized Environmental Conditions, or REC’s, which give rise to the need for additional testing to evaluate the risks associated with contamination which residential has tighter acceptance of existing situations as  well for commercial properties for tolerant acceptance of REC’s have been tighten up  as to acceptances.
For all involved in the purchasing, selling and the brokerages of all properties with uses other than single family history, there is a new EPA Rule in town to be respected seriously, because Big Brother EPA has just given all of us a fair warning notice of not exposing unsuspecting property owners of undisclosed environmental conditions which will not meet the EPA guidelines of the new rule E1527-013.  OUCH!!!

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