An Environmental Checklist is a brief assessment to determine possible environmental risks that may be associated with commercial real estate required by the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA). The Environmental Checklist is required when the loan is secured by commercial real estate.
Depending on the loan amount and the specific type of property being taken, additional environmental assessment documentation may be required. Please refer to the Environmental Procedure Matrix.
The Borrower must complete and SIGN the top portion of the checklist.
The Lender may choose to complete the Lender section or obtain a Risk Analysis Report utilizing VeriCheck (for a fee).
- To order a Risk Analysis Report through VeraCheck, go to http://veracheck.com/
- IF it is determined a Phase 1 Environmental Assessment is needed, use of the Environmental Engagement Letter.
- is encouraged. Collect the fee prior to engaging an engineer.
- If the Phase 1 Assessment determines contamination or the need for further investigation, contact the Ausley Law firm.
- Upload to Abrigo.
If you need additional assistance with Abrigo, please contact _Abrigo Help.
Consequences:
A buyer, lessor, or lender may be held responsible for remediation of hazardous substance residues, or harm caused by hazardous substance residues, even if a prior owner caused the contamination.