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, click on the following:
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