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Environmental Due Diligence 101: Why Is It Required?

A brief history of the laws and standards behind environmental due diligence...

...and why it is conducted prior to a CRE transaction. Why does the commercial real estate industry do environmental due diligence during a transaction? What are some of the laws that created the need for environmental scrutiny, and why is a Phase I Environmental Site Assessment (ESA) often required? For those that may not be familiar, below is a brief background on where all these requirements came from (and a whole bunch of acronyms that go with them).

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