Environmental
Under NJ law, if an environmental assessment reveals contamination on a property being purchased, the buyer should require the seller to:
ASimply disclose the contamination in the deed
BRemediate before closing or negotiate an appropriate price reduction and indemnification✓ Correct
COnly notify the NJDEP without taking further action
DAccept the property as-is since the contamination was pre-existing
Explanation
When an environmental assessment reveals contamination, buyers should negotiate remediation before closing, a price reduction to cover cleanup costs, or indemnification agreements. Accepting contaminated property without recourse can leave the buyer with significant cleanup liability under the Spill Act.
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