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Commercial property owners are often caught by surprise when the learn that the bank is going to require a Phase I Environmental Site Assessment in order to complete either the purchase or refinance of the property they have interest in. A Phase 1 Environmental is a complete environmental history of a property including regulatory record review and city office record review. A Phase I ESA tends to take 2-3 weeks to complete and should be completed in compliance with current ASTM E 1527 standards.
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