phase 1 environmental

Definition

A preliminary environmental assessment investigating a property's potential contamination history through records review and site inspection, without actually testing soil or water. It's due diligence for avoiding EPA superfund surprises.

Example Usage

The Phase 1 environmental report revealed the property was a former dry cleaner, triggering the need for further testing.

Origin

Terminology from the ASTM E1527 standard established in 1993 for environmental site assessments

Fun Fact

Finding contamination without a Phase 1 report can make you legally responsible for cleanup costs even if you didn't cause the pollution, under CERCLA liability rules.

Source: Commercial real estate environmental assessment terminology

Related Terms

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showing feedback

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Intermediate

Closing Costs

The surprise financial gut-punch that arrives right after you thought you were done spending money on a house. It's like the bill after a fancy dinner, except the dinner is a 30-year mortgage and the tip is mandatory.

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per door

A valuation metric for multifamily properties calculated by dividing price by number of units, because apparently 'per unit' wasn't jargony enough. It's the real estate equivalent of price per ounce.

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HOA fees

Monthly payments to a committee of bored neighbors who fine you for parking your own car in your own driveway. It's the subscription service nobody wanted, covering 'amenities' like a pool you never use and landscaping you could do yourself.

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replacement reserves

Funds set aside for replacing building components and systems that wear out over time, essential for multifamily and commercial property management. The 'we know the roof will eventually die' savings account.

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assessment

The official determination of value or worth, whether it's property taxes, student performance, or your likelihood of success in a new role. Assessments are how institutions quantify the unquantifiable and then make important decisions based on those numbers. It's the bureaucratic art of turning subjective judgment into objective-looking reports.

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