medium · National Real Estate Exam disclosures
A buyer is interested in a parcel of land for a new housing development. A Phase I Environmental Site Assessment (ESA) is performed.
What is the primary purpose of this assessment for the buyer?
- To obtain an absolute federal guarantee that the land and groundwater are completely free of pollutants forever.
- To satisfy Clean Water Act rules requiring the protection of any endangered species habitat located somewhere on the parcel.
- To establish the 'innocent landowner' defense by conducting 'all appropriate inquiry' into the property's environmental history.
- To determine the exact total dollar cost of fully remediating the known radioactive waste already discovered in the underlying soil.
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