Environmental
The 'innocent landowner' defense under CERCLA protects:
AAll property owners from environmental liability
BBuyers who conduct appropriate due diligence and had no knowledge of contamination at time of purchase✓ Correct
CSellers who properly disclose all known contamination
DLenders who foreclose on contaminated properties
Explanation
CERCLA's innocent landowner defense may protect a property owner who purchases contaminated land if they performed 'all appropriate inquiries' (Phase I ESA) and had no knowledge of contamination. Buyers should always conduct environmental due diligence.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Title InsuranceInsurance 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.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
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