What is the purpose of an environmental assessment report?

The purpose of an environmental assessment report is to assess environmental contamination liabilities. This report is conducted to evaluate the presence of hazardous substances or contaminants on a property, which can have significant implications for safety, health, and legal responsibilities. It is especially important for potential buyers and lenders, as it helps them understand any potential environmental risks associated with the property. The assessment typically looks for issues such as soil contamination, groundwater pollution, and compliance with environmental regulations, enabling stakeholders to make informed decisions about the property and any necessary remediation actions.

The other options do not align with the primary aim of an environmental assessment. Valuing a property for sale focuses more on market analysis and property features, preparing legal documents for closing pertains to the transactional aspect of real estate, and comparing property taxes is related to financial evaluations rather than environmental concerns.