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Due Diligence on Due Diligence

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dc.contributor.authorWoroniecki, Richard C.
dc.contributor.authorWoroniecki, Jean L.
dc.date.accessioned2020-09-04T17:13:30Z
dc.date.available2020-09-04T17:13:30Z
dc.date.issued2008-07-01
dc.description.abstractConcerns regarding the vast differences in the quality, depth and reliability of Phase I Environmental Site Assessments performed by consultants have resulted in modifications to the American Society for Testing and Materials (ASTM) Standard Practice for Phase I Environmental Site Assessments (ESAs). The new “standard,” ASTM E1527-05, was finalized to dovetail with 2002 changes in the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) that took effect in 2006. Many do not understand that neither the new, nor the old “standards” were designed to address all environmental concerns. The 2005 upgrade has resulted in two basic options for Phase I ESAs: one to meet the “standard” and one with a broader scope that better addresses “environmental business risk.” Even with all the changes, industry frustration remains high since many clients don’t understand the needs and the differences. This article’s original intent was to explain the recent changes, but in development it quickly became obvious a review of the entire process was in order. Unfortunately, to most real estate professionals, the grasp of environmental issues still lands somewhere between a necessary evil and the dreaded environmental financial black hole. Industry frustration is split between understanding the “standard” and the varying level of consultants’ performance. Our goal in this article is to help the real estate professional do due diligence on his or her due diligence process to provide a better understanding of what you need for a specific transaction. This includes understanding the update and the various environmental screening tools available as well as understanding the differences in environmental consulting firms and consultants. This article will not make you an expert, but it will hopefully help you better evaluate screening options and select expertise when picking your due diligence team.
dc.description.legacydownloads2008_18_25_Woroniecki___Woroniecki.pdf: 183 downloads, before Aug. 1, 2020.
dc.identifier.other5539355
dc.identifier.urihttps://hdl.handle.net/1813/70634
dc.language.isoen_US
dc.relation.ispartofseriesCornell Real Estate Review
dc.rightsRequired Publisher Statement: © Cornell University. Reprinted with permission. All rights reserved.
dc.subjectCornell
dc.subjectreal estate
dc.subjectEnvironmental Site Assessments
dc.subjectESA
dc.subjectCompensation and Liability Act
dc.subjectPhase I
dc.subjectAmerican Society for Testing and Materials
dc.subjectASTM
dc.subjectScope of Work
dc.subjectcontractors
dc.subjectconsultant
dc.subjectqualifications
dc.subjectrisk
dc.subjectrequirements
dc.subjectinsurance policy
dc.subjectclosing
dc.subjectprofessional
dc.subjectnegotation
dc.titleDue Diligence on Due Diligence
dc.typearticle
local.authorAffiliationWoroniecki, Richard C.: Cornell University
local.authorAffiliationWoroniecki, Jean L.: Cornell University
schema.issueNumberVol. 6

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CRER Vol. 06 (2008)