The Comprehensive Environmental Response Compensation and Liability Act (CERCLA) defines the Phase 2 Environmental Site Assessment (ESA). According to States law, this is the current standard for establishing the prerequisite which is required to satisfy the requirements of due diligence that are needed to determine the status of an "innocent property owner" in the course of a property purchase.
A phase 2 environmental assessment is the typical way to ensure that homeowners, lenders, owners, investors, and managers are safeguarded and controlled. An ESA basically proves that they have done proper due diligence.
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If the Phase 2 Assessment has been completed, either the bank or buyer can be eligible for Comprehensive Environmental Response Compensation and Liability Act Innocent Landowners Defense.
This defense is intended to ensure that the owner of the property can protect themselves from the responsibility of dangerous substances present on the property as a result of the negligence of an outside person.
The Phase 2 assessment is intended to help identify different hazardous environmental substances or conditions like the potential or presence of petroleum products that were or are likely to have been released on the land.
If hazardous substances are found that means the future development and use of the property might be limited or the liability and responsibility for cleanup expenses may be assigned to a prospective purchaser or lender who is planning to acquire title to the property. You can even search online for more information about phase 2 environmental.