Commercial Landowner CERCLA Liability Protection: Understanding the Final E.P.A. 'All Appropriate Inquiries' Rule and Revised A.S.T.M. Phase I

Effective November 2006, buyers of commercial real estate have new liability protections against hazardous substances contamination on their property? even if they know about it at the time of purchase? provided they conduct all required research under the Environmental Protection Agency's (E.P.A.) new All Appropriate Inquiries Final Rule. Commercial Landowner C.E.R.C.L.A. Liability Protection provides a comprehensive examination of the new E.P.A. Final Rule and compares the new E.P.A. rule to the previous Phase I All Appropriate Inquiry Standard Practice established by A.S.T.M. . Prior to E.P.A.'s All Appropriate Inquiries Final Rule, the well-established A.S.T.M. Phase I Standard Practice provided the only guidance for conducting environmental site assessments for real estate properties. Now, in conjunction with the E.P.A., A.S.T.M. has revised its standard to conform to the new E.P.A. Final Rule. In addition to providing two new protections, the "Contiguous Property Owner" and "Bona Fide Prospective Purchaser," the new All Appropriate Inquiries Final Rule requires new protocols not previously required by the A.S.T.M. standard, including interviewing previous owners of the property; conducting a visual inspection of adjoining properties; and reviewing local government records, institutional and engineering controls, and environmental cleanup liens. Commercial Landowner C.E.R.C.L.A. Liability Protection provides readers with an easy-to-use reference on such topics as the regulatory background of the rule, benefits and incentives that affect real estate buyers, components and requirements of the new All Appropriate Inquiries Final Rule, requirements and guidelines for conducting historical and government research on a property, and distinctions between the E.P.A. All Appropriate Inquiries Final Rule and the A.S.T.M. Phase I Environmental Site Assessment.