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ENVIRONMENTAL & BUILDING INDUSTRY
NEWS
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Inspection Today ---
Sunday, February 5, 2012
report on your desk next week |
Vapor
Encroachment Screening (VES) is likely to become a routine
part
of Phase 1 Assessment
Some
institutions already require it
On
June 14, 2010, ASTM published E 2600-10, Standard Guide for Vapor
Encroachment Screening on Property Involved in Real Estate
Transactions. The new standard focuses solely on screening for the
likelihood of migrating vapors volatilized from a contaminated
source to encroach upon the subsurface of a property involved in a
real estate transaction and create a vapor encroachment condition
(VEC).
Two
tiers for screening are included in the practice. The first tier
is based upon the existence of known or suspect contaminated sites
in the area. The second tier is more comprehensive and
investigates specific characteristics associated with the
contaminated plumes from these sites, or if no plume information
is available, relies on sampling.
Of
particular note in the standard is the completely revised Legal
Appendix that discusses the relationship between this standard and
the E 1527-05 Phase I standard. The E 2600-10 standard provides a
consensus-based methodology for the EP to conduct the screening
step.
It
is expected that the screening under ASTM E 2600-10 will
eventually become a routine part of an AAI-compliant Phase I
environmental site assessment. A number of institutions, including
the U.S. Department of Housing and Urban Development, as well as
lenders and commercial real estate attorneys are already requiring
the consideration of vapor encroachment onto the property as part
of Phase I ESAs.
Due
Diligence Inspection & Assessment has taken a proactive
approach and now includes Vapor Encroachment Screening as part of
our proprietary Phase I Environmental Assessment Protocol and at
no additional charge. Our
fees for environmental assessment are among the lowest nationwide
for the combination of Phase I Environmental Assessment and Vapor
Encroachment Screening.
Note: Our
major competitors do NOT
include VES in their Phase I quote. You must request it at
additional cost. Due
Diligence Inspection & Assessment includes Vapor Encroachment Screening in every Phase I
Environmental Assessment Protocol and at no additional charge.
Return to
usaDueDiligence
home page .
Banks
Face Fines from Compliance Violations
Lenders who
foreclose on abandoned or unfinished development projects may be
unaware of the environmental compliance laws that apply to them. For
example, in
Georgia
lenders are facing fines for failing to control erosion on
unfinished residential developments. State
law requires developers and builders to limit erosion, which
protects other land and water sources from damage. When a property
goes into foreclosure, that duty shifts to the property's new
owner, the lender. So
far, almost $60k in fines has been levied on banks in
Georgia
for erosion violations this year.
There are other compliance laws that may be overlooked by banks,
and they can vary by state. Some compliance problems that lenders
across the country are running into, including storm water, air
quality, hazardous waste, and toxic substance violations. Regulators
say that most banks are either unaware of the environmental
compliance laws or see the cost of correcting compliance
violations as unnecessary when faced with so many other issues in
the declining real estate market.
Some lenders have implemented comprehensive environmental
compliance programs for their foreclosed and repossessed
properties to avoid liability. Regulators
in some states are recommending that lenders contact them
regarding foreclosed properties in order maintain existing
environmental permits and avoid mounting compliance violation
fees, which can range from a few hundred dollars to tens of
thousands of dollars. Environmental
consultants should make their lender clients aware that there may
be environmental risks beyond those examined during normal
environmental due diligence activities and that often simple steps
can be taken to ensure compliance with environmental laws.
This
Information was compiled by Environmental Data Resources (EDR®).
EDR® is database information provider to Due
Diligence Inspection & Assessment Services and the leading
U.S.
environmental database information provider.
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usaDueDiligence
home page
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