ASTME 1527-00 or USEPA "All Appropriate Inquiry" Standard Which Will You Choose?

The deadline for accepting comments on U.S. EPA's proposed “all appropriate inquiry” standard for environmental due diligence is November 30, 2004. This new standard is likely to have a significant effect upon the cost and scope of environmental site assessments conducted as part of property acquisitions. For that reason, purchasers of real estate will need to address a number of questions, including the following: what are the objectives of your due diligence? Which standard environmental site assessment, if any, should you use? Does your purchase contract and any leases on the property permit the access necessary to conduct an environmental assessment that meets the “all appropriate inquiry” standard? Does the contract with the environmental professional allocate responsibility for all of the tasks that comprise “all appropriate inquiry”?