ASTM E1527-21 Standard for Phase I Environmental Site Assessments

Summary

This practice note discusses the legal framework and standards for performing a Phase I Environmental Site Assessment under the American Society for Testing and Materials standard known as ASTM E1527-21 that is satisfactory to fulfill the ''all appropriate inquiries'' requirement under the Comprehensive Environmental Response, Compensation, and Liability Act. This practice note includes a discussion of the key changes in the ASTM E1527-21 standard from the prior ASTM E1527-13 standard. Obtaining a Phase I is an essential part of the environmental due diligence needed for commercial real estate transactions.