Episode 2: Purchasing Contaminated Property and Maintaining the Bona Fide Prospective Purchaser Defense to Environmental Liability:

In 1995, the Environmental Protection Agency created the bona fide prospective purchaser defense to encourage the purchase and redevelopment of brownfield sites. A “brownfield” is a property, the purchase, expansion, or development of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant.

This podcast discusses the ten (10) conditions to obtain and preserve the ”bona fide prospective purchaser defense” to future environmental liability under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) when purchasing a “brownfield,” paying specific attention to the “continuing obligation” requirements that often prove troublesome for buyers, and will conclude with specific strategies to consider when purchasing a “brownfield.”