Site assessment guidelines provide road map in due diligence

Journal Article · Tue Mar 01 04:00:00 EST 1994 · Hazmat World; (United States)

OSTI ID:5033247

Buyers, sellers and lenders of commercial and industrial real estate since the 1980s have faced potential liability under CERCLA for property contamination. The law stipulates that buyers must exercise due diligence'', conducting all appropriate inquiry'' to determine past ownership and uses of a property, and whether contamination exists. Buyers of polluted property can avoid liability only by showing that contamination occurred before the property was transferred to them, and that they had no knowledge or reason to know'' about the contamination at the time of purchase. Owners or sellers of contaminated property, as well as buyers aware of the contamination at time of purchase, may be designated potentially responsible parties (PRPs) under CERCLA and held liable for site cleanup. Lenders that participate in managing a contaminated property also may be designated PRPs. EPA in 1992 provided a liability exemption for lenders with limited or no management responsibilities for a contaminated property.

• OSTI ID: 5033247
• Journal Information: Hazmat World; (United States), Journal Name: Hazmat World; (United States) Vol. 7:3; ISSN HMWOED; ISSN 0898-5685
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING, POLICY, AND ECONOMY
290300 -- Energy Planning & Policy-- Environment
Health
& Safety
54 ENVIRONMENTAL SCIENCES
540220* -- Environment
Terrestrial-- Chemicals Monitoring & Transport-- (1990-)
COMPLIANCE
CONTAMINATION
LAWS
LIABILITIES
POLLUTION LAWS
SITE CHARACTERIZATION
SOILS
US SUPERFUND