The Alphabet Soup of Ohio Due Diligence – AAI/ASTM/BFPP/VAP
Environmental due diligence, it’s not just a game of alphabet soup. From ESA, TSA, ASTM, AAI, REC, CERCLA, RCRA, UST, VAP, BFPP, COC, BUSTR, SBA to VI, the acronyms are plentiful. Should you conduct an ASTM/AAI Phase I, or a TSA, or maybe go through the VAP? Do you have RECs because of USTs or COCs or RCRA waste? Are you looking to establish CERCLA or Ohio BFPP status? Is your head spinning yet? No worries, join us for an upcoming webinar on April 28th to learn more about Ohio’s environmental due diligence alphabet soup. This presentation will provide the reasons behind due diligence, detail its requirements, and discuss how it can help reduce your risk.
Environmental contamination on a property or adjacent property can impact the property value and cleanup of contamination can range from a simple fix to a complex/costly solution. Finding out as much about a property’s history and current condition can be an invaluable resource – and the appropriate levels of environmental due diligence can shed light on an important piece of the puzzle. Should you conduct a desktop review, ASTM Phase I ESA, a TSA, or a VAP Phase I ESA?
Environmental due diligence options can vary from project to project and how they can be used to manage the risks associated with real estate transactions. Environmental due diligence is completed by various parties of real estate transactions, each with a different and specific purpose in mind. Understanding what environmental due diligence is and the different types can help manage and/or reduce your risk and benefit all sides of the negation table.
From a desktop review to Ohio EPA VAP project, each due diligence option can play an important role in closing the deal. Knowing your options and being familiar with each scope of work can allow more flexibility in getting a project to the closing table. The enactment of the Ohio BFPP law allows purchasers to buy property with knowledge of contamination. Do you or your client know what eligibility requirements and obligations must be fulfilled to qualify for the BFPP defense? To be eligible for the BFPP defense, the purchasers must have acquired the property on or after January 11, 2002; show they are not affiliated with a potentially responsible party; and have performed their All Appropriate Inquiry into the condition of the property by performing a Phase I Environmental Site Assessment. Further, the purchaser must maintain their continuing obligations to protect public health and the environment in regard to contamination that remains on a property.
The presentation will provide an overview to the EPA All Appropriate Inquiries (AAI) Rule, the American Society for Testing and Materials (ASTM) Standard E1527-13 (Standard Practice for Environmental Site Assessments), Ohio EPA Voluntary Action Program (VAP), and the requirements and obligations that you must meet to qualify and maintain status as a bona-fide prospective purchaser (BFPP) and how that status now offers you state-level CERCLA liability protections for the purchase of a contaminated commercial or industrial property.
Join us for The Alphabet Soup of Ohio Due Diligence – AAI/ASTM/BFPP/VAP on April 28, 2021.