Superfund sites can sometimes be
the most difficult situations to deal to with when addressing property
transactions. Superfund sites are those sites where the Federal government
is using its authority to proceed with a cleanup, under the direction of,
or under a program delegated by the US EPA. Joint and several liability
provisions under CERCLA make transactions particularly difficult, unless
there is an agreement with EPA that a party has not contributed to
contamination.
Several situations typically can occur related to
Superfund sites - the site itself is on or is part of a defined Superfund
site, or, the site where the planned property transaction is adjacent to
or near to a Superfund site.
In situations where property transactions are on
or near Superfund sites, particularly if it is planned to use groundwater
for portable supply, it is extremely important that a detailed EPA file
review be conducted, and the State or Federal case manager should be
contacted to see how much of a concern the Superfund site really is.
Further, if there is any potential that operations on the subject property
site could have contributed to contamination which the government may have
plans to clean up, that the transaction not be completed until there is
"prospective purchaser" or other type of agreement with a State
or Federal agency, holding the new owner harmless from liability for the
preexisting contamination. If this not done, asset value may be
compromised and the purchasing party could be held responsible for
cleaning up contamination in the future.
The length of time that it takes to clean up a
Superfund site and the associated decision making can delay property
transactions for extended periods. Property buyers are therefore are urged
to be very cautious if the subject property is on or adjacent to a
proposed to, or actual, National Priorities List Superfund site.
For more information regarding Superfund Sites,
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