The Property Transaction Screen Process on a parcel of commercial real estate provides some degree of due diligence in that it is used to identify potential environmental concerns, but it is not intended to replace the scope of a Phase I Environmental Site Assessment which provides liability protection under the All Appropriate Inquiry Rule. It is used primarily by interested parties who must satisfy the Small Business Association environmental due diligence requirements to obtain information of certain environmental conditions on the property that may warrant consideration during a real estate transaction, in order to determine if a Phase I Environmental Site Assessment is necessary.
The Property Transaction Screen Process is conducted by KAM following the ASTM standard E1528 – 06, which consists of a) interviews with the owners and occupants of the property, b) a site inspection, and c) a government records and historical sources inquiry. Based on the information collected, the property user decides whether the environmental conditions of the property have been assessed and whether or not further inquiry is warranted.
The Property Transaction Screen Process is conducted by KAM following the ASTM standard E1528 – 06, which consists of a) interviews with the owners and occupants of the property, b) a site inspection, and c) a government records and historical sources inquiry. Based on the information collected, the property user decides whether the environmental conditions of the property have been assessed and whether or not further inquiry is warranted.
