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.
The
properly performed inspection in compliance with EPA”s new rule ASTM recently promulgated E1527-013. See Federal
Registry web link attached: https://www.federalregister.gov/articles/2013/12/30/2013-31112/amendment-to-standards-and-practices-for-all-appropriate-inquiries-under-cercla?utm_source=Spring+Newsletter+2013&utm_campaign=63ed938526-Federal_Judge_Dismisses&utm_medium=email&utm_term=0_8d924d820b-63ed938526-310639889
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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