Phase I Environmental Site Assessment (ESA)
A study of a property and its surrounding area to determine whether there are any hazards to the environment and human health; if issues are found, it presents a potential liability for the lender and/or owner, as well as affecting the value of the property; completed prior to the closure of a real estate transaction and can be used to satisfy the requirements of the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) innocent land owner defense under the All Appropriate Inquiries (AAI) rule.