When buying, developing, refinancing, or managing commercial property, understanding potential environmental liabilities is an important part of the due diligence process. Environmental contamination can affect property value, financing, redevelopment plans, regulatory obligations, and future cleanup costs. Environmental Site Assessments (ESAs) help property owners, buyers, lenders, developers, and investors identify and evaluate potential environmental concerns. Two of the most commonly used assessments are the Phase I Environmental Site Assessment (Phase I ESA) and Phase II Environmental Site Assessment (Phase II ESA). Although they are part of the same environmental due diligence process, Phase I and Phase II ESAs have different purposes.
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