Before investing in a property, identifying contamination is essential to prevent human health and environmental problems. Contamination can become more harmful if left unmanaged. Suppose a potential investor is planning to buy a commercial facility. If the prospective property is contaminated, the occupants’ safety will be at risk. Some contaminants can result in explosions and adverse health issues.
Many signs of property contamination will remain a problem until a comprehensive property condition assessment NJ is done. Even if contaminants are deep in the soil, they can still cause significant harm to people. Property investors should conduct an environmental site assessment to determine the property’s actual ecological condition.
As part of due diligence, commercial property owners, potential tenants, asset managers, and lenders should perform a Phase I Environmental Site Assessment (ESA) before property acquisition. It is an evaluation based on the US Environmental Protection Agency’s All Appropriate Inquiries (AAI) requirements. Apart from health and community concerns, it protects individuals from environmental liabilities, including fines, compliance obligations, remediation, and compensation costs.
Phase I ESA investigates a property’s past and historical usage. This helps determine whether such activities affected the property’s soil and groundwater which can threaten people’s health. The environmental assessment can be performed on properties such as:
1. Manufacturing sites
2. Vacant lots
3. Land properties
4. Commercial establishments
5. Industrial sites
It is essential to hire a trusted and reliable team of experts to handle the assessment. The environmental professional will collect and analyze the site’s documents, including city directories, fire insurance maps, aerial photos, and others. For the site inspection, it is better to hire an experienced commercial building inspector NJ to properly evaluate and observe the subject property and its adjacent structures. These professionals will help the clients identify whether the property is worth the money or needs further action.
Additionally, environmental site inspections can provide evidence to hold parties accountable for contamination. Buyers, lessors, and even lenders may be held accountable for owning, operating, or financing facilities with environmental issues.
To learn more about Phase I Environmental Site Assessment in New Jersey, here is an infographic from Lockatong Engineering. It is a NJ company that offers comprehensive environmental assessment services for potential buyers and property owners.
