The Superfund Due Diligence Problem: The Flaws in an ASTM Committee Proposal and an Alternative Approach
Editors' Summary: One of the most significant issues in nonresidential real estate transactions today is determining what level of due diligence by a prospective property owner is sufficient to qualify for the "innocent landowner" defense under CERCLA §101(35). One reason for this is that a large percentage of commercial property, and virtually all industrial property, is impacted by environmental contamination, and few properties can be properly valued without assessing such contamination.