Site assessment standards emerge, evolve gradually from several sources
- M T AGRA Inc., Anaheim, CA (United States)
Since the early 1980s, potential environmental liability associated with hazardous materials and other regulated substances has been important to anyone involved in real estate transactions. Under CERCLA, commercial and industrial property owners are potentially responsible for contamination discovered on their property. If private parties fail to clean up contaminated property, EPA may recover remedial and other costs from those it designates as potentially responsible parties (PRPs). CERCLA effectively obligates buyers and certain lenders to conduct due diligence to ascertain whether a property is contaminated. Buyers of property who fail to conduct such inquiries can be held responsible for site cleanup. CERCLA releases property buyers from liability only if contamination occurred before the property was transferred, and if the buyer can establish a lack of knowledge or reason to know about the contamination at the time of purchase. Under CERCLA, a buyer must have undertaken, at the time of acquisition, all appropriate inquiry into the previous ownership and uses of the property consistent with good commercial or customary practice in an effort to minimize liability.
- OSTI ID:
- 5659853
- Journal Information:
- Hazmat World; (United States), Journal Name: Hazmat World; (United States) Vol. 6:3; ISSN HMWOED; ISSN 0898-5685
- Country of Publication:
- United States
- Language:
- English
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