An Environmental Report provides crucial information about the environmental conditions of a property. It assesses potential environmental liabilities and compliance with environmental regulations before any property transaction.
An innocent purchaser, in real estate terms, is a party who acquired property without being aware of its contamination, providing they had a due environmental assessment before the purchase.
POTENTIALLY RESPONSIBLE PARTIES (PRP) are individuals or entities potentially liable for environmental contamination under Superfund laws such as CERCLA and SARA. These parties can include current or former owners, operators, transporters, and disposers of hazardous waste at a contaminated site.
The Superfund Amendments and Reauthorization Act (SARA) of 1986 significantly amended the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA, or Superfund). SARA addresses the cleanup of hazardous waste sites, enhances the enforcement of cleanup responsibly, and increases funding for the Superfund program.
An Underground Storage Tank (UST) is a tank and its underground piping with at least 10% of its combined volume buried underground, primarily used to store liquids such as fuel products, industrial chemicals, or waste.
