Tag Archives: bona fide prospective purchaser

Navigating the “No Affiliation” Requirement to Bona Fide Prospective Purchaser CERCLA Liability Protection

­An important consideration for purchasers of US commercial property is establishing Bona Fide Prospective Purchaser (“BFPP”) liability protection to mitigate the risk of liability under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”), 42 U.S.C. § 9601 et. seq.   Because the current owner of a property where a release of hazardous substances has occurred … Continue Reading

USEPA Expected to Withdraw Direct Final Rule Approving Use of Phase I ESA Standard ASTM E 1527-13 for AAI After Receiving Adverse Comments

Due to adverse comments received prior to the September 16, 2013 comment deadline, USEPA is expected to soon withdraw its August 15, 2013 direct final rule approving use of new ASTM Standard E 1527-13, “Standard Practice for Environmental Site Assessments:  Phase I Environmental Site Assessment Process” to satisfy the All Appropriate Inquiry (AAI) requirements.  In … Continue Reading

First Appellate Court Ruling on Superfund Bona Fide Prospective Purchaser Defense Highlights Risks of Post-Acquisition Conduct

In the first appellate court ruling to address the post-closing obligations of a party asserting the Superfund bona fide prospective purchaser (BFPP) defense, the U.S. Court of Appeals for the Fourth Circuit affirmed that a South Carolina brownfields developer forfeited the defense because of its failure to exercise due care with regard to existing contamination. … Continue Reading