Environmental
In New York, a commercial property buyer who discovers contamination after purchase may be protected under CERCLA's 'bona fide prospective purchaser' (BFPP) defense if they:
ADid not conduct any due diligence
BConducted all appropriate inquiry before purchase, take no action to impede cleanup, and comply with all institutional controls✓ Correct
CPurchased the property at a tax auction
DNotified the DEC within 30 days of purchase
Explanation
The BFPP defense under CERCLA (added in 2002) protects buyers who: conducted AAI (all appropriate inquiry/Phase I) before purchase, knew about contamination but purchased anyway, and comply with ongoing obligations (taking no action to impede cleanup, complying with institutional controls, etc.).
Related New York Environmental Questions
- Radon disclosure requirements in New York residential transactions require:
- An environmental site assessment's Phase I includes:
- Underground Storage Tanks (USTs) are a concern in real estate transactions primarily because:
- A real estate agent is asked about a nearby Superfund site by a potential buyer. The agent should:
- In New York, carbon monoxide (CO) detectors are required by law in:
- The Resource Conservation and Recovery Act (RCRA) governs:
- A New York real estate agent representing a seller of a pre-1978 home must ensure that the buyer receives:
- New York City's Local Law 97 (Climate Mobilization Act) primarily affects real estate by:
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