Standard Practice for Limited Environmental Due Diligence: Transaction Screen Process (Includes all amendments and changes 1/13/2017).Translate name
STANDARD published on 15.1.2014
Designation standards: ASTM E1528-14e1
Publication date standards: 15.1.2014
The number of pages: 27
Approximate weight : 81 g (0.18 lbs)
Country: American technical standard
Category: Technical standards ASTM
ICS Number Code 13.020.30 (Environmental impact assessment)
Adjunct to E1528 Environmental Site Assessment Transaction Screen QuestionnaireSelected format:
|Significance and Use|
4.1 Uses—This practice sets forth a procedure for conducting limited environmental 4.2 Clarifications on Use:
4.2.1 Use Not Intended for CERCLA Liability Protection—This document is not intended to permit a user to satisfy CERCLA LLPs, that is, the practices that constitute “all appropriate inquiries into the previous ownership and uses of the 4.2.2 Transaction Screen Does Not Identify Recognized Environmental Conditions—This practice does not define a scope of assessment sufficient to identify recognized environmental conditions as defined in 3.2.74 of Practice E1527 and 3.2.80 of Practice E2247.
4.2.3 Residential Tenants/Purchasers and Others—Although this document is not intended for residential purposes, it may be used at the user’s discretion for residential tenants of multifamily residential buildings, tenants of single-family homes or other residential real estate, or purchasers of dwellings for residential use, to conduct a transaction screen in connection with these transactions.
4.2.4 Site-Specific—This practice is site-specific in that it relates to assessment of environmental conditions on a specific parcel of commercial real estate. Consequently, this practice does not address many additional issues raised in transactions such as purchases of business entities, or interests therein, or of their assets, that may well involve environmental liabilities pertaining to properties previously owned or operated or other off-site environmental liabilities.
4.3 Who May Conduct—The 4.4 Inquiry Beyond the Transaction Screen Process—If further inquiry is needed after performance of the transaction screen process, the user must determine, in the exercise of the user’s reasonable business judgment, whether further inquiry may be limited to those specific issues identified as of concern or should proceed to further inquiry (see 5.8).
4.5 No transaction screen can wholly eliminate uncertainty regarding the potential for environmental concern in connection with a property.
4.5.1 Not every property will warrant the use of a limited environmental assessment such as the 4.5.2 Transaction screens must be evaluated based on the reasonableness of judgments made at the time and under the circumstances in which they were made. Subsequent environmental site assessments or transaction screens should not be considered valid standards to judge the appropriateness of any prior assessment based on hindsight, new information, use of developing technology or analytical techniques, or other factors.
4.6 Continued Viability of Transaction Screen—A transaction screen meeting or exceeding this practice and completed more than 180 days previously may be used to the extent allowed by 4.6.1 and 4.6.2.
4.6.1 Subject to 4.6.2, a prior transaction screen or other 4.6.2 If the user, or any other preparer(s) conducting a transaction screen has 4.7 The contractual and legal obligations between prior and subsequent users of 4.7.1 The contractual and legal obligations between a preparer and a 4.8 If the user is aware of any specialized knowledge or experience that is material to 1.1 Purpose—The purpose of this practice is to define a good practice in the United States of America for conducting a transaction screen1.1.1 This practice will not satisfy the requirement to conduct all appropriate inquiries into the previous ownership and uses of the 1.2 An evaluation of business environmental risk associated with a parcel of commercial real estate may necessitate investigation beyond that identified in this practice. See Sections 1.4 and 11.
1.2.1 Potential Environmental Concerns—The goal of conducting a transaction screen is to identify potential environmental concerns, as defined in 3.2.35.
1.2.2 Other Federal, State, and Local Environmental Laws—This practice does not address requirements of any state or local laws or of any federal laws. 1.3 Objective—The objective guiding the development of this practice is to facilitate standardized transaction screens.
1.3.1 Note of Caution—The user should be cautious in applying this practice to properties with known current or historic handling of hazardous substances or 1.4 Considerations Beyond the Scope—The use of this practice is strictly limited to the scope set forth in this section. Section 11 of this practice identifies, for informational purposes, certain environmental conditions (not an all-inclusive list) that may exist on a property that are beyond the scope of this practice but may warrant consideration by parties to a commercial real estate transaction. The need to include an investigation of any such conditions in the scope of services should be evaluated based upon, among other factors, the nature of the property and the reasons for performing the assessment (for example, a more comprehensive evaluation of business environmental risk) and should be agreed upon as additional services beyond the scope of this practice prior to initiation of the Transaction Screen Process.
1.5 Organization of This Practice—This practice has several parts and one appendix. Section 1.6 This standard does not purport to address all of the safety concerns, if any, associated with its use. It is the responsibility of the user of this standard to establish appropriate safety and health practices and determine the applicability of regulatory limitations prior to use.
|2. Referenced Documents|
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