Is your Real Estate deal ready? ASTM E1527-21 becomes effective

In its most recent rulemaking, EPA has adopted modified standards for satisfying the “all appropriate inquiry” requirement of the BFPP through ASTM E1527-21. This new standard, which went into effect on Feb. 13, clarifies a number of definitions that apply to a Phase I. These include modifications as to what constitutes a recognized environmental condition (commonly called a “REC”) and differentiating RECs from “Historical RECs” and “Controlled RECs”; and additional new requirements for a Phase I to comply with the all appropriate inquiry requirements. These modifications provide additional information to allow a would-be purchaser to make a fully informed decision about the risks associated with a given site. Details concerning the new standard are available here.