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Real Estate and Construction Law
Buckingham attorney David J. Hrina presents the following summary of the new ASTM standard.
The American Society for Testing and Materials (ASTM) recently issued a new standard, titled ASTM Standard E1527-13, which is meant to replace ASTM Standard E1527-05 as the industry standard used for conducting Phase I Environmental Site Assessments.
The purpose of the standard is to define good commercial and customary practices in the U.S. for conducting an environmental site assessment of a parcel of non-residential real estate with respect to the range of contaminants within the scope of the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) and petroleum products. The standard is intended to permit users to satisfy one of the requirements to qualify for the innocent landowner, contiguous property owner, or bona fide prospective purchaser limitations on CERCLA liability; that is, the practice that constitutes all appropriate inquiries into the previous ownership and uses of the property consistent with good commercial and customary practice as defined in 42 U.S.C. §9601(35)(B).
The following is a brief summary of some of the changes that can be found in the new standard:
De minimis conditions are not RECs. A HREC is a past release that has been addressed and meets unrestricted land use criteria, for which no controls are required.
Remember, it is extremely important to perform an appropriate level of environmental due diligence before purchasing or leasing non-residential real property. Performing a Phase I Environmental Site Assessment in accordance with the new ASTM standard is typically the first step in performing your due diligence. Contact David J. Hrina for further information.
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