I recently had a client request a number of transaction screens for a block of properties that they are purchasing.
A transaction screen is a limited environmental assessment designed to identify readily apparent and potential environmental liabilities associated with a site or facility. All work is conducted in accordance with the ASTM E 1528-06: Standard Practice for Environmental Site Assessments: Transaction Screen Process. This ASTM standard was established by the ASTM Committee E-50 on Commercial Real Estate Transactions to provide landowners and purchasers with a basic understanding of the potential environmental concerns that may be associated with a particular parcel of real property. Exceptions to the ASTM standards are allowable to the extent that they are reasonable and that they are identified in the report.
A transaction screen can be described in short as a, “Phase I light” because it is a form of property due diligence, but is not as in-depth of an investigation as a full phase I. Transaction screens can be a very useful tool when an environmental investigation is required, but the property is not expected to be impacted, contaminated, or otherwise dirty.