Records Search with Risk Assessment - What is it?
Record Search with Risk Assessments (RSRAs) have gained popularity over the past few years as a quick and affordable alternative to the well-known Phase I Environmental Site Assessment (Phase I ESA). The report, based on and meeting the United States Small Business Association (US SBA) requirements, consists of limited historical records research, a government records database search, review of historical aerial photography, a completed questionnaire, and a summary form which provides an environmental professional’s opinion indicating a “high” or “low” risk. RSRAs are commonly utilized by lenders on properties where the likely environmental risk is considered low.
If a concern is identified during the RSRA process, a Phase I ESA should be completed to further evaluate the risk and to determine whether any subsurface investigation is warranted.
Prism has completed numerous RSRAs and can help you determine if an RSRA is the correct fit for your needs. It is emphasized that an RSRA is a limited tool and not the equivalent of a Phase I ESA since it does not constitute all appropriate inquiry (AAI) into the previous ownership and use of the Property. The average turnaround time for a Prism RSRA is seven business days and can be completed quicker as needed. Feel free to contact Prism to discuss your commercial property interests and we will answer any questions you might have!