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An Environmental Site Assessment (ESA), also known as Phase I Site Assessment, is a “due diligence” study of a particular site that is usually required by lending institutions or current property owners. An ESA is needed to identify potential environmental concerns on properties that may be used as “collateral” for loans or have been under a lease agreement by a third party. The objective of an ESA is to identify obvious, actual, and potential issues through visual observation, aerial photographs, historical review, review of regulatory agency information, and the presence or absence of asbestos-containing building materials.
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