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Why are
environmental property assessments variously called Phase 1, Phase 2
and Phase 3?
Environmental property assessments during real estate transactions are
designed to identify potential signs and indications of contamination
or other environmental liabilities. The assessments are often designed
in phases so that a client can choose whether to proceed from a
cursory (Phase 1) review to more detailed research or even sampling
(Phase 2, Phase 3). In many cases, a cursory review is sufficient. In
others, more detailed work may be recommended. By phasing the
assessment, a client can rethink plans, re-negotiate, or even
terminate a transaction along the way without committing to incur
maximum expenses.
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