A Transaction Screen Process (TSP), also referred to as a Transaction Screen Assessment (TSA) is an environmental due diligence study conducted to assess the environmental conditions of smaller properties that include multi-family residential, condominium units, etc. The objective of the Transaction Screen Assessment is to identify potential environmental concerns. The Transaction Screen Assessment consists of a visual inspection of a property, a review of government records, interviews with key personnel, and a review of two historical sources (i.e., historical aerial photographs, historical city directories, sanborn fire insurance maps, ect.). LandScience conducts Transaction Screen Assessments in strict accordance with the ASTM E1528-22 Limited Environmental Due Diligence: Transaction Screen Process Standard. The United States Small Business Administration (SBA) allows the use of the Transaction Screen Assessment for environmental due diligence of select properties. Unlike the Phase I Environmental Site Assessment, the Transaction Screen Assessment does not meet the standard of the Environmental Protection Agency’s All Appropriate Inquiry, and does not qualify for the Innocent Landowner Defense of CERCLA. The Transaction Screen Assessment report includes questionnaires, applicable photographs, pertinent historical documents, and conclusive conclusions and recommendations. The Transaction Screen Assessment is a screening and is more cost effective than a Phase I Environmental Site Assessment.
Limited Environmental Due Diligence: Transaction Screen Process
What is Limited Environmental Due Diligence: Transaction Screen Process?
Limited Environmental Due Diligence: Transaction Screen Process, also known as a Transaction Screen Assessment (TSA), is a type of environmental due diligence that is often conducted during real estate transactions. It is a less comprehensive and less expensive alternative to a Phase I Environmental Site Assessment (ESA).
The purpose of a TSA is to identify any potential environmental concerns that could affect the value of the property and to provide the parties involved in the transaction with information to make informed decisions about the transaction. The TSA typically involves a review of available public records, such as historical aerial photographs, environmental databases, and regulatory records, as well as a site visit and interviews with knowledgeable individuals.
The TSA process is designed to identify potential environmental liabilities that may be associated with the property, such as the presence of hazardous materials, underground storage tanks, or other environmental concerns. If any issues are identified during the TSA process, a Phase I ESA may be recommended to further evaluate the extent and severity of the identified concerns.
The scope of a TSA is generally limited, and it does not involve intrusive testing or sampling. As a result, the conclusions of a TSA are based on the information that is available at the time of the assessment and the professional judgment of the environmental consultant conducting the assessment. Therefore, a TSA should not be considered a comprehensive evaluation of environmental conditions at the property, but rather a screening tool to identify potential concerns that may require further investigation.
Contact LandScience
Let’s discuss your project.
LandScience helps businesses with their environmental consulting and engineering. From basic questions to complex compliance inquiries, we’re here to help!