Attorney Thierry Montoya explains what buyers need to be aware of when they purchase properties that might be contaminated (also known as "brownfields"). What due diligence should they conduct, what potential exposure might they incur, and how can they protect themselves from potential liability?
Want to get in touch with us? Contact Thierry at tmontoya@fbtlaw.com and visit FrostBrownTodd online at https://www.frostbrowntodd.com.
The content of this episode reflects the views and opinions of Thierry Montoya and does not constitute legal advice.
Time stamps:
02:40 - Bona Fide Prospective Purchaser ("BFPP") defense to future liability | CERCLA | Who are "responsible parties?" | 10 conditions of BFPP
10:20 - Three BFPP threshold requirements: Perform all appropriate inquiries, "no affiliation" demonstration, acquisition after January 11, 2002
19:52 - Continuing obligations to maintain BFPP status
21:25 - Honor land use restrictions
21:55 - Fully cooperate with governmental requests for site assistance/access
22:55 - Comply with reasonable governmental requests for information/subpoenas
25:20 - Provide all legally required notices of a prior release of hazardous substances
25:50 - Other considerations to maintain BFPP status
