The most important aspect of a Phase I is that it provides maximum protection for the buyer from CERCLA (SARA) liability. This can only happen if it is conducted and written the correct way.

The Pit-Falls: Too many buyers do not actually read the Phase I, and, therefore, do not realize there are gaps or irregularities. The result can be invalidation of the Innocent Purchaser or Bona Fide Prospective Purchaser defenses.  WARNING: Merely having the words “no further action” or no “RECs” does not mean you are protected.  The Phase I is your shield against what can be crippling liability – do not treat it lightly.  There are established thresholds for what constitutes a complete and accurate Phase I ESA.  Don’t risk your businesses or personal liability on something so easily done correctly.

Denby Law has extensive experience conducting, reviewing and drafting Phase I ESAs and advising clients, ranging from simple land purchases to complex brownsfield redevelopments.