An All Appropriate Inquiry (AAI) Phase One Environmental Site Assessment can provide CERCLA liability protection through Bona Fide Prospective Purchaser Liability Protection. The requirements for Bona Fide Prospective Purchaser Liability Protection are:
- Property acquired after 2002
- Contamination existed at time of acquisition
- Must have conducted AAI
- Can have knowledge of the release
- Cannot contribute to the release and must exercise due care with respect to the release
- Must not interfere with response or natural resource restoration
- May be subject to a lien for any increase in value resulting from the response
For more information on environmental due diligence, click here visit Cassie Anderson's blog.
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