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The answer is no. "Quick Assessment" allows the commercial buyer to assess risk at a reasonable price far less that an Phase 1 environmental Assessment. The property buyer that is looking at numerous properties can get a cost effective real time assessment of environmental risk.
There are some difference in the amount of historic property documentation that is collected. Both the " QUICK ASSESSMENT and Phase 1 environmental assessments have site visits included along with a NJDEPHistorical Data Base review. The " Quick Assessment" also has a Ground Penetrating Radar scan included to identified buried structures and tanks and is considered a preliminary commercial property assessment. The Environmental Phase 1 includes a detailed report while the "Quick Assessment" includes a limited checklist report.
It depends on your banks requirements for commercial property assessment. Most banks do require a classical Phase 1 environmental Site Assessment as part of the loan package.
Typically, if Environmental Systems identifies areas of Environmental Concern, Environmental Systems will recommend extra cost soil and ground water sampling. The soil and ground water sampling is needed to access the contamination levels of the property and compare them to NJDEP Remediation standards.
Environmental Systems LSRPs and /or Environmental Scientists with a minimum of 5 years experience will complete the assessment.