Phase I reports have two key expiration dates:
In order to be valid for a property transfer, the Phase I report cannot be older than 180 days. If more than 180 days has lapsed from the report date prior to closing, the following components of the Phase I report must be updated prior to closing:
Interviews with past and present owners, operators, and occupants (40 CFR 312.23)
Searches for recorded environmental cleanup liens (40 CFR 312.25)
Reviews of federal, tribal, state, and local government records (40 CFR 312.26)
Visual inspections of the facility and adjoining properties (40 CFR 312.27)
The declaration by the EP (40 CFR 312.21)
The shelf life of the Phase I report is one year. If more than one year has lapsed from the report date prior to closing, an entirely new Phase I report must be obtained to qualify as a BFPP. Contact Michele Oertel at moertel@ifa.in.gov