A lady goes to a bank to get a loan for a subdivision she wants to build. The bank orders a phase one environmental assessment. What does this assessment include?

Question

Social Studies

Elsa Mcdonald

Today, 01:29

A lady goes to a bank to get a loan for a subdivision she wants to build. The bank orders a phase one environmental assessment. What does this assessment include?

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Answers (1)

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Aryanna Li · Answer 1

Review of records and documents

Site inspection

Interviews with owners, occupants, neighbors and local government officials.

Explanation:

A phase one environmental assessment is preliminary activity carried out by financial institutions before granting loans to persons or business entity, this loan can be to buy property or other requirements. This phase is usually conducted less than 6months (180days) before purchase of the property for it to be valid. The assessment includes the review of records and documents (to validate the true ownership and detect fraud), site inspection (to verify if it is as stated or agreed), interviews with owners, occupants, neighbors and local government officials.