ASTM_E_1528_-_14e1.pdf

Designation:E1528141Standard Practice forLimited Environmental Due Diligence:Transaction ScreenProcess1This standard is issued under the fixed designation E1528;the number immediately following the designation indicates the year oforiginal adoption or,in the case of revision,the year of last revision.A number in parentheses indicates the year of last reapproval.Asuperscript epsilon()indicates an editorial change since the last revision or reapproval.1NOTEQuestion 21 of the Transaction Screen Questionnaire(see Section 6)and footnote 6 were editorially correctedin January 2017.1.Scope1.1 PurposeThe purpose of this practice is to define agood practice in the United States of America for conducting atransaction screen2for a parcel of commercial real estatewhere the user wishes to conduct limited environmental duediligence(that is,less than a Phase I Environmental SiteAssessment).If the driving force behind the environmental duediligence is a desire to qualify for one of the ComprehensiveEnvironmental Response,Compensation,and Liability Act(CERCLA)Landowner Liability Protections(LLPs),this prac-tice should not be applied.Instead,theASTM E1527:StandardPractice for Environmental SiteAssessments:Phase I Environ-mental Site Assessment Process or ASTM E2247:StandardPractice for Environmental SiteAssessments:Phase I Environ-mental Site Assessment Process for Forestland or Rural Prop-erty may be used.1.1.1 This practice will not satisfy the requirement toconduct all appropriate inquiries into the previous ownershipand uses of the property consistent with“generally acceptedgood commercial and customary standards and practices”asdefined in 42 U.S.C.9601(35)(B)to qualify for one of theComprehensive Environmental Response,Compensation,andLiability Act(CERCLA)Landowner Liability Protections(LLPs).Users who desire to conduct environmental duediligence to qualify for one of the CERCLA LLPs shouldconduct assessment activities in conformity with“Standardsand Practices for All Appropriate Inquiries,”40 C.F.R.Part312,ASTM E1527:Standard Practice for Environmental SiteAssessments:Phase I Environmental Site Assessment Processor ASTM E2247:Standard Practice for Environmental SiteAssessments:Phase I Environmental Site Assessment Processfor Forestland or Rural Property.1.2 An evaluation of business environmental risk associatedwith a parcel of commercial real estate may necessitateinvestigation beyond that identified in this practice.See Sec-tions 1.4 and 11.1.2.1 Potential Environmental ConcernsThe goal of con-ducting a transaction screen is to identify potential environ-mental concerns,as defined in 3.2.35.1.2.2 Other Federal,State,and Local EnvironmentalLawsThis practice does not address requirements of any stateor local laws or of any federal laws.Users are cautioned thatfederal,state,and local laws may impose environmentalassessment obligations that are beyond the scope of thispractice.Users should also be aware that there are likely to beother legal obligations with regard to hazardous substances orpetroleum products discovered on property that are not ad-dressed in this practice and may pose risks of civil and/orcriminal sanctions for non-compliance.1.3 ObjectiveThe objective guiding the development ofthis practice is to facilitate standardized transaction screens.1.3.1 Note of CautionThe user should be cautious inapplying this practice to properties with known current orhistoric handling of hazardous substances or petroleum prod-ucts.1.4 Considerations Beyond the ScopeThe use of thispractice is strictly limited to the scope set forth in this section.Section 11 of this practice identifies,for informationalpurposes,certain environmental conditions(not an all-inclusive list)that may exist on a property that are beyond thescope of this practice but may warrant consideration by partiesto a commercial real estate transaction.The need to include aninvestigation of any such conditions in the scope of servicesshould be evaluated based upon,among other factors,thenature of the property and the reasons for performing theassessment(for example,a more comprehensive evaluation ofbusiness environmental risk)and should be agreed upon asadditional services beyond the scope of this practice prior toinitiation of the Transaction Screen Process.1This practice is under the jurisdiction of ASTM Committee E50 on Environ-mental Assessment,Risk Management and Corrective Action and is the directresponsibility of Subcommittee E50.02 on Real Estate Assessment and Manage-ment.Current edition approved Jan.15,2014.Published February 2014.Originallyapproved in 1993.Last previous edition approved in 2006 as E1528 06.DOI:10.1520/E1528-14E01.2Whenever terms defined in 3.2 or described in 3.3 are used in this practice,theyare in italics.Copyright ASTM International,100 Barr Harbor Drive,PO Box C700,West Conshohocken,PA 19428-2959.United StatesThis international standard was developed in accordance with internationally recognized principles on standardization est