Since the passing of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) parties involved in real estate transactions have become extremely concerned with the liabilities inherent with contaminated properties. The reason for the concern is due to the punitive legislation and costly cleanup associated with these properties.

Asset transfers accompanied by a properly completed due diligence process provides all parties with an understanding of the liabilities involved with the transfer, and in the event of environmental contamination being discovered after the transaction, helps qualify the new owner for the innocent landowner defense.

This chapter presents the various assessment methods used by environmental professionals and attorneys to assess real property for environmental impairment. This material should be found useful for attorneys assisting clients in evaluating, limiting, and managing risk with real property assets.

1. Levels of Assessment
2. Due Diligence
3. Transaction Screening Assessment
4. Phase I Environmental Site Assessment
5. Phase II Site Investigation
6. Phase III Remedial Investigation/Remedial Action

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