Toxic real estate; Strict regulations make environmental assessments essential for transactions
- Scott Environmental Technology, Inc., Plumsteadville, PA (US)
This paper reports that property owners are identified by both CERCLA and SARA as potentially responsible parties (PRPs) who can be held liable for site cleanup costs. CERCLA Sec. 107 makes all owners of contaminated property liable for site cleanups regardless of the circumstances involving ownership. During property transfers, this regulation potentially impacts property owners, buyers, lending institutions and title insurance companies. There are many reported cases where a buyer of commercial property discovered after the time of purchase that the site was contaminated and then was directed by regulating agencies to develop a remediation program. The costs associated with site remediation, such as disposing of contaminated soil ore replacing a leaking underground storage tank, are expensive propositions. In worst-case situations, remedial action programs have been known to exceed the actual market value of property in question. The best protection for all parties involved in a property transaction is to have an environmental assessment performed before the sale is closed.
- OSTI ID:
- 5580402
- Journal Information:
- Hazmat World; (United States), Journal Name: Hazmat World; (United States) Vol. 2:3; ISSN 0898-5685; ISSN HMWOE
- Country of Publication:
- United States
- Language:
- English
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Related Subjects
290300* -- Energy Planning & Policy-- Environment
Health
& Safety
54 ENVIRONMENTAL SCIENCES
540250 -- Environment
Terrestrial-- Site Resource & Use Studies-- (1990-)
CLEANING
CONTAMINATION
COST
LAND OWNERSHIP
LAND POLLUTION
LAND RECLAMATION
LAND USE
LEGAL ASPECTS
LIABILITIES
MANAGEMENT
OWNERSHIP
POLLUTION
POLLUTION REGULATIONS
PROPERTY MANAGEMENT
REGULATIONS
SITE CHARACTERIZATION