The following is a brief synopsis of the changes to the ETS due diligence process based on the new ASTM standard.
The ETS project is designed for environmental assessments of properties that are considered to be “low risk”. The scope of these projects are performed following the guidelines of 2006 standard ASTM 1528-06 which replaces the previous ASTM standard dated in 2000. Although there has been much fanfare about how the new ETS removes the protection of the “innocent landowner defense” liability protection, the bottom line is: will the ETS project minimize, to the extent possible, the risk of financing a given property?
ERAS will carefully follow the new standard that dictates the historical sources of information to be used, that is either Sanborn Fire Insurance Maps or city street directories (published by, among others, Polk and Haines).
Due to a lack of these sources in many areas, it will be necessary to either supplement these sources, by review of more traditional building department records or substitute the traditional historical sources. There may be additional cost for some projects to follow the new standard as well as continuing to provide sufficient due diligence.