EPA Recognizes the New ASTM Standard for Environmental Due Diligence

Summary: Effective December 30, 2013, the US Environmental Protection Agency (EPA) revised its regulations at 40 C.F.R. part 312 that outline due diligence standards and procedures that are of interest to purchasers and prospective tenants of real property, as well as to secured lenders. Following the revised due diligence standard should result in better and more informative environmental site assessment reports; however, some increased cost is likely, and some of the requirements may cause delays that should be taken into account in planning the schedule for a transaction.