Environmental
The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA/Superfund) is significant to real estate because it:
ARequires sellers to pay for all environmental remediation costs
BCan impose cleanup liability on current and former property owners, even innocent purchasers✓ Correct
COnly applies to industrial properties with chemical manufacturing
DExempts residential properties from all environmental liability
Explanation
CERCLA imposes strict, joint-and-several liability for cleanup of contaminated sites on potentially responsible parties including current owners, past owners, operators, and generators of hazardous waste — even if the contamination predates their ownership.
Related Tennessee Environmental Questions
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- In Tennessee, a seller who conceals known environmental contamination from a buyer may be liable for:
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