If you or your business has ever purchased real estate, you are likely familiar with the Phase I Environmental Site Assessment, which investigates the environmental conditions of the real property involved in the transaction.
The Environmental Protection Agency (“EPA”) promulgated its standards for “All Appropriate Inquiries” when it comes to buying real estate with the intent of defining the level of environmental due diligence required to provide the buyer of the property protection under CERCLA’s “innocent purchaser” defense. The criteria for satisfying the innocent landowner defense are set forth in 42 U.S.C. §§ 9607(b)(3) and 9601(35)(B) and 40 CFR 312.20.
The EPA published a new revision of the All Appropriate Inquiries rule, which became effective December 30, 2013. The revision provides parties purchasing real estate property that is potentially contaminated with the option of using the ASTM E1527-13 standard when conducting environmental due diligence. However, the rule does not mandate that purchasing parties use this standard. They have the option of continuing to use the existing ASTM E1527-05 standard.
Some of the more significant changes in the new ASTM E1527-13 standard are:
A new recommendation for the consultant conducting the Phase I to review regulatory files if the target property or adjoining properties appear in a public database listing;
A new requirement to evaluate the potential for hazardous vapors to migrate onto the target property;
A revised definition of Historical Recognized Environmental Conditions (HREC) as a past release that has been addressed to the satisfaction of a regulatory authority or meets unrestricted use criteria. Consequently, conditions considered as an HREC under the former ASTM 1527-05 may be considered as a Recognized Environmental Condition (REC) under the new ASTM 1527-13, triggering additional investigation.
Portability of estate and gift tax enables a surviving spouse to inherit any unused portion of their deceased spouse’s federal estate and gift tax exemption. So, if one spouse doesn’t utilize their full exemption, the surviving spouse can effectively double their exemption amount with regard to estate tax liability. For married couples, portability offers a […]
Pet Trusts in New Jersey and New York: A Practical Estate Planning Tool
For many of us, pets are more than companions—they are members of the family. Yet they are often overlooked or inadequately provided for when it comes to estate planning. A pet trust offers a legally enforceable way to ensure that your animal continues to receive proper care if you become incapacitated or pass away. As […]
For many New Jersey business owners, a closely held company represents decades of work, financial investment, and personal sacrifice. Trusts in business succession planning are one of the most effective tools for protecting that value, allowing founders to control how and when the business passes to the next generation while reducing the risk of disputes, […]
Read Before You Sign: IT Contract Pitfalls Every NJ Business Should Know
In today’s digital economy, New Jersey businesses of all sizes rely heavily on technology vendors, software providers, cloud platforms, and managed IT services. Whether your company is purchasing software, migrating data to the cloud, engaging a cybersecurity consultant, or entering into a long-term managed services agreement, a careful IT contract review can have significant operational, […]
Non-disclosure agreements (NDAs) remain a critical tool for protecting sensitive business information. However, New York NDA requirements have evolved, and businesses must ensure these agreements are carefully drafted to remain enforceable. In a competitive market like New York City, NDAs are commonly used to protect proprietary information, client relationships, and strategic plans. At the same […]
How Courts Evaluate Testamentary Capacity and Undue Influence Will contests in New Jersey are difficult to win, given the strong presumption that a properly executed will reflects the testator’s intent. However, challenges based on lack of testamentary capacity and undue influence remain common, particularly where there are concerns about mental capacity or the involvement of […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
