Posted on Apr 16, 2021

Phoenix Environmental, LLC

Phase I Environmental Site Assessments (ESAs), just like Twinkies, have a very limited "shelf life". In order to account for changes to the site and adjoining properties, the shelf life of the Phase I report is only one year. If more than one year has lapsed from the report date prior to closing, an entirely new Phase I report must be obtained to qualify as a Bona Fide Prospective Purchaser. That said, often much of the initial Phase I ESA will still have value--assuming it's properly conducted, by a qualified environmental consultant. That's always important!

If more than 180 days has passed since the report was prepared, the following components of the Phase I report MUST be updated:

• Interviews with past and present owners, operators, and occupants,
• Reviews of government records,
• Searches for recorded environmental cleanup liens,
• The declaration by the EP, and
• Visual inspections of the facility and adjoining properties.

Twinkies, by the way, have a much shorter shelf life--only 26 days!

If you have further questions or need assistance completing or updating your Phase I ESA, please give Phoenix Environmental a call. We are always ready to help!
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