Series 30 – Recognized Environmental Condition (REC) Type 6
This is the thirtieth in a series of light, short and visual talks on taking control of environmental-risk concerns that haunt otherwise lucrative transactions in commercial and industrial properties, and even residences.
The Phase I Environmental Site Assessment provides a tool for the evaluation of environmental-risk concerns in the real-estate transactions. This tool is called the RECOGNIZED ENVIRONMENTAL CONDITION (REC).
The REC has been in development since early 1990s. It is an industry-wide agreed-upon statement that aims to define the environmental liabilities that the real estate-transaction stakeholders should focus on. These stakeholders usually include sellers, buyers, lenders and their legal and commercial agents (e.g., attorneys and brokers).
The official definition of REC is a conglomerate of six (6) definitions cemented in one sentence that’s liable to challenge some of the brighter minds amongst us. This series breaks it to chunks that can be assimilated individually.
Presenting a well-tested technology of remediation of volatile organic compounds from groundwater.
Remediation is not an absolute term. In the environmental-risk lingo it means the reduction of the intensity of the contamination to such levels that will be accepted by the regulatory authorities.
Time and money are connected and it behooves us to outline time schedules when engaged in the Phase I and II environmental site assessments.