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| In the past, many properties were transferred with undisclosed contamination. Discovery of contamination on these properties often resulted in disputes over liability and escalated cleanup and legal costs for all of the parties involved. The Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), developed by the Environmental Protection Agency, seeks to address this problem by requiring that "all appropriate inquiry into previous ownership and uses of a property" be determined prior to a property transaction. In conjunction with these requirements, a standard for conducting Environmental Site Assessments was developed by the American Society for Testing and Materials (ASTM). With the development of a recognized standard, private and public lending institutions are increasingly requiring that Environmental Site Assessments be performed. Environmental Site Assessments (ESA's) are becoming standard in many types of real estate transactions. In the past, many properties were transferred with undisclosed contamination; once contamination was discovered, disputes over cleanup frequently escalated costs for all parties involved. The Site Assessment is an important step in the evaluation of property. |
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