Buyers of commercial real estate have liability protections against hazardous substances contamination on their property. This work provides a comprehensive examination of the EPA Final Rule and compares this rule to the previous Phase I All Appropriate Inquiry Standard Practice established by ASTM.
Effective November 2006, buyers of commercial real estate have new liability protections against hazardous substances contamination on their property—even if they know about it at the time of purchase—provided they conduct all required research under the Environmental Protection Agency''s (EPA) new All Appropriate Inquiries Final Rule. Commercial Landowner CERCLA Liability Protection provides a comprehensive examination of the new EPA Final Rule and compares the new EPA rule to the previous Phase I All Appropriate Inquiry Standard Practice established by ASTM. Prior to EPA''s All Appropriate Inquiries Final Rule, the well-established ASTM Phase I Standard Practice provided the only guidance for conducting environmental site assessments for real estate properties. Now, in conjunction with the EPA, ASTM has revised its standard to conform to the new EPA Final Rule. In addition to providing two new protections, the "Contiguous Property Owner" and "Bona Fide Prospective Purchaser," the new All Appropriate Inquiries Final Rule requires new protocols not previously required by the ASTM standard, including interviewing previous owners of the property; conducting a visual inspection of adjoining properties; and reviewing local government records, institutional and engineering controls, and environmental cleanup liens. Commercial Landowner CERCLA Liability Protection provides readers with an easy-to-use reference on such topics as the regulatory background of the rule, benefits and incentives that affect real estate buyers, components and requirements of the new All Appropriate Inquiries Final Rule, requirements and guidelines for conducting historical and government research on a property, and distinctions between the EPA All Appropriate Inquiries Final Rule and the ASTM Phase I Environmental Site Assessment.
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