Environmental
A Georgia property owner who discovers a petroleum leak from a previously unknown underground storage tank on their newly purchased property may seek relief under:
AThe FHA recovery fund
BGeorgia's Underground Storage Tank Trust Fund and/or CERCLA innocent landowner defense✓ Correct
CGREC's recovery fund
DHUD's environmental assistance program
Explanation
Georgia's Underground Storage Tank (UST) Trust Fund can help pay for cleanup costs. The property owner may also qualify for CERCLA's innocent landowner defense if they conducted appropriate due diligence before purchase.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
State-Specific Concepts
Trust Account RulesGREC Regulation
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