ASTM E1527-21 Phase I Standard Update Overview

This document is a technical report detailing the 2021 update to the ASTM E1527-21 Phase I Environmental Site Assessment (ESA) standard, which has been approved by the EPA as of February 13, 2023. The update allows property purchasers to satisfy All Appropriate Inquiry (AAI) requirements under federal and some state Superfund laws, facilitating the bona fide prospective purchaser (BFPP) safe-harbor defense. The report outlines the effective date of the new standard, the transition period for the previous standard, and clarifications regarding key terms and definitions. It also discusses the duration and expiration of ESA reports, emphasizing the need for timely completion of essential elements within 180 days prior to property acquisition. Additionally, the report addresses the controversial issue of emerging contaminants, specifically the treatment of substances like PFAS, which may not yet be classified as hazardous but are relevant in real estate transactions. The document concludes with a discussion on the differentiation between findings, opinions, and recommendations in Phase I reports.