What is Transaction Screening?
A Transaction Screen is a preliminary, limited assessment of a property to determine whether a full Phase I Environmental Site Assessment is required. This practice is intended for use on a voluntary basis by parties who wish to assess the environmental condition of a property where a Phase I ESA is, initially, deemed to be unnecessary by the user, and the parties do not seek CERCLA LLPs*. The Transaction Screen process consists of asking questions contained within the Transaction Screen Questionnaire of owners and occupants of the property, observing site conditions at the property, and conducting limited research regarding certain government and historical records. An evaluation of the responses and information gathered concludes whether further inquiry is needed.
How does this affect you?
A Transaction Screen is a useful tool for conducting limited environmental due diligence, and can help you avoid the time and cost of completing a full Phase I ESA. It can also, however, reveal potential environmental concerns which may have otherwise been overlooked, and would be in your best interest to pursue further inquiry.
How can GCE help you?
GCE performs Transaction Screens in conformance with the scope and limitations of the most current ASTM Practice Standards. GCE’s experienced staff performs all aspects of the Transaction Screen in a timely manner, providing a clear, concise report of the environmental condition of the subject property. GCE focuses on ensuring the user has the knowledge and the tools to make the utmost informed decisions regarding their property.
*This practice will not satisfy the practices that constitute “all appropriate inquires into the previous ownership and uses of the property consistent with good commercial or customary practice” as defined in 42 U.S.C. §9601(35)(B) to establish the Comprehensive Environmental Response, Compliance and Liability Act (CERCLA) Landowner Liability Protections (LLPs).