Due Diligence Assessments
Whether considering purchasing, selling, or providing financing for a property, performing an environmental assessment as part of the due diligence process is essential to understand its condition. The results can identify potential environmental issues so that they can be addressed up front, or an escrow agreement can be developed based on the significance of the contamination to allow the deal to transact and then resolve these issues post-closing.
Tata & Howard is ready to assist you with environmental site assessment projects. We can recommend the appropriate level of assessment for a property, perform the work, and deliver the results. We understand that time is of the essence, and will provide the necessary information within the required timeframe. Most importantly, we will put the findings into a context that is easily understood by all of the parties involved.
The scope of a due diligence assessment depends on the type of property and how much is already known about it. The American Society for Testing and Materials (ASTM) has outlined recommended work scopes for different levels of due diligence. Many financial institutions have also established specific assessment protocols.
Although terminology and specific tasks may differ somewhat, there are three basic levels of due diligence assessment:
- Transaction Screening
- Phase I
- Phase II or Subsurface Evaluation
Tata & Howard can assist in all three levels of due diligence assessment. If the results indicate that state regulators must be notified, we can make a seamless transition to help navigate those regulatory requirements.