Potential releases or threatened releases of hazardous substances can subject a landowner to significant environmental liability, so it is crucial to identify potential hazards before investing in commercial real estate. Under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”), there is broad discretion as to who can be a responsible party of environmental hazards. Fortunately for real estate investors, the Environmental Protection Agency has identified steps that can be taken to minimize environmental liability.
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