What is a Phase I Environmental Site Assessment and do I need one?
A Phase I ESA ($2,000 - $5,000) examines the property's history for potential contamination - prior industrial use, underground tanks, agricultural chemicals, or hazardous waste. It does not involve soil sampling (that is Phase II). You need one if the property has any historical commercial, industrial, or agricultural use, or if it is near facilities that could have contaminated it. A clean Phase I eliminates environmental uncertainty and broadens your buyer pool.
From the seller playbook: Selling Vacant Land - Environmental Assessment, Buildability, and Buyer Financing
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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