Environmental

What is CERCLA, and how does it relate to Nevada real estate transactions?

AA Nevada law governing condominium associations

BThe federal Superfund law that imposes liability for cleanup of hazardous waste sites, potentially affecting property owners✓ Correct

CA Carson City ordinance regulating water use

DA federal program funding affordable housing in Nevada

Explanation

CERCLA (the Comprehensive Environmental Response, Compensation, and Liability Act, 'Superfund') imposes strict, joint, and several liability for environmental cleanup costs on current and former property owners. Purchasing a contaminated Nevada property without due diligence can result in massive cleanup liability.

People Also Study

Key Terms to Know

Variance

Official permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.

Joint Tenancy

Co-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.

Zoning

Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.

Eminent Domain

The power of government to take private property for public use, with the requirement to pay the owner just compensation.