Does the entity for which a Phase ! report was prepared (the “User”) have to have the same name/be the same entity as theentity purchasing the property (that will be listed on the deed) for the purchasing entity to qualify as a BFPP?

Published 12/04/2013 02:08 PM   |    Updated 12/04/2013 02:08 PM
Does the entity for which a Phase ! report was prepared (the “User”) have to have the same name/be the same entity as the
entity purchasing the property (that will be listed on the deed) for the purchasing entity to qualify as a BFPP?
Yes, the name of the entity for which the Phase I report (and User Questionnaire) was completed needs to match the name of the entity that will be listed on the property deed (unless the party seeking protection is a prospective tenant, in which case it must match the entity identified in the lease agreement). If the Phase I and User Questionnaire have already been completed for a different-named entity that will not be on the deed (or on a lease), the party seeking liability protection may be able to obtain a reliance letter for use of the report and will have to complete a new User Questionnaire. Contact Michele Oertel at moertel@ifa.in.gov.
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