Contingencies in a Home Real Estate Purchase Contract

In order to protect buyers and sellers, a number of different clauses are usually included in an offer to purchase or in a purchase/sale agreement for residential real estate. These clauses are called contingencies. Most contingencies in residential real estate transactions are in place to protect buyers.

→ Read More

Clean-Up of Property With Hazardous Waste or Toxins: CERCLA Liability

CERCLA makes both current and former property owners jointly and severally liable for the cleanup of contaminated property unless you are exempt as a bona fide prospective purchaser, a contiguous property owner or an innocent landowner. Bona fide prospective purchasers are those who enter into a covenant with the EPA granting them liability protection before they buy contaminated land. Contiguous property owners are those who own property that is contaminated by their neighbor’s behavior. Innocent landowners are those who acquire property and who have no knowledge of the contamination at the time of their purchase.

→ Read More

Environmental and Hazardous Materials Inspection Before Buying a Home

If you are buying a new property, there are several steps you can take to determine if there are any hazardous materials, such as (1) a home inspection by a certified inspector, (2) the history of any permits pulled on the property as well as whether there is any information available on public records about the surrounding area and (3) disclosures, although exactly what must be disclosed varies by state.

→ Read More