Environmental
The 'all appropriate inquiry' standard under CERCLA requires a property buyer to:
AOnly review the title abstract
BConduct a Phase I ESA meeting ASTM E1527-21 standards to qualify for certain CERCLA defenses✓ Correct
CPerform soil sampling on all commercial acquisitions
DObtain an NDEE clearance letter before purchase
Explanation
To qualify for the innocent landowner, contiguous property owner, or bona fide prospective purchaser defenses under CERCLA, a buyer must conduct 'all appropriate inquiry' — which typically means a Phase I ESA meeting current ASTM standards.
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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.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
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