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Transaction Screens
The Transaction Screen assessment is a cursory review of the property to identify potential for environmental impairment and consists of a site visit, interviews and review of state and federal regulatory database information. When used appropriately, this practice can provide beneficial property information without the expense of conducting a complete Phase I Environmental Site Assessment. Closely related to the Phase I ESA, the purpose of completing a Transaction Screen is also to provide some basis for the innocent landowner defense and to minimize liability associated with property ownership.
This practice is especially beneficial for lenders, individuals considering properties for purchases, property trust managers, and individuals conducting business transactions without the involvement of a financial institution. The Transaction Screen quickly and affordably provides all involved parties with general property information to mitigate concerns regarding potential environmental impairment. In the event potential for recognized environmental conditions is identified, a significant portion of a Phase I ESA has been completed and a full Phase I can be prepared at a substantially lower cost.