Environmental
Phase I Environmental Site Assessments (ESAs) for Oklahoma commercial properties are typically required by:
AOREC for all commercial transactions
BLenders and CERCLA innocent landowner defense standards, covering records review, site reconnaissance, and interviews without soil sampling✓ Correct
COklahoma DEQ for all property transfers
DOnly required for industrial properties
Explanation
Phase I ESAs are standard practice for commercial real estate, typically required by lenders. They involve records review, site reconnaissance, and interviews to identify Recognized Environmental Conditions (RECs).
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
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