Environmental Notes - June 2019

If your company is planning to buy commercial or industrial real estate, it’s probably your standard practice to have a Phase I Environmental Site Assessment (“Phase I”) performed. When you do so, it’s important to ensure the Phase I report you receive from your environmental consultant fully complies with ASTM Standard E1527-13. Why? Because your company cannot qualify as a Bona Fide Prospective Purchaser (“BFPP”) under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and, in some instances, state law unless the Phase I complies with the ASTM Standard. Qualifying as a BFPP provides your company with a defense to CERCLA liability for existing contamination on the property, even if it is common knowledge the property is contaminated.

Please see full Newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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