The New ASTM Standard — A Catch-22 for Property Transactions Needing a Phase I Site Assessment

November 13, 2013

On November 6, 2013, ASTM International (“ASTM”) issued its revised Standard Practice for Phase I Environmental Site Assessments (“Phase I site assessments”) or “audits,” used in most commercial property transactions. While the new standard is generally a good development, it has created a true catch-22 for prospective purchasers.

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