Due diligence projects are necessarily performed on a time sensitive basis. ERAS “normal” turnaround time for Phase 1 Environmental Site Assessment (ESA) projects is 10-15 working days and for Environmental Transaction Screen (ETS) projects is 5-10 working days. The “normal” turnaround time should be considered in the same category as a “normal” project cost. That is it should be taken loosely with a “grain of salt”
The time necessary to complete due diligence projects is dependent on access to certain key regulatory agency records. This is particularly true for ESA projects where perhaps the most important research records are the local building and hazardous materials (fire or health department) records. In fact, the latest 2005 standards for ESA projects mandate the review of these records.
There is an ongoing challenge to meet two to three week turnaround in certain local areas due to understaffed agencies and limited appointment windows. If there is a question regarding estimated turnaround time for a particular site, please contact ERAS.
ERAS will always expedite these projects, but the buyer should beware of accepting Phase 1 reports when the information from these local records is not included in formulating the conclusions and recommendations. A claim of “guaranteed” two week turnaround for ESA projects should be viewed with extreme caution.