Purchasing Real Estate? Do Your Due Diligence Before You Buy.

Before you finalize a real estate purchase, protect yourself against undiscovered environmental liabilities and the significant costs they can incur by engaging in environmental due diligence, a comprehensive process that evaluates a site for the existence or the potential risk of environmental contaminants. The U.S. Environmental Protection Agency (EPA) amended the standards and practices for inquiries under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), which establishes a process to determine who is liable for hazardous substances (click here). BEI leverages its technical expertise and in-depth knowledge of environmental regulations to help minimize unnecessary expenditures for our clients through a comprehensive slate of due diligence services, providing clients the information they need to make sound investment decisions. To learn more, call BEI at 908-918-1702 or click here.

When Is a Remediation Funding Source (RFS) Required?

The Industrial Site Recovery Act (ISRA) mandates that owners of facilities with certain industrial classifications investigate and remediate any environmental issues prior to property transfers when the business is sold or stops operating. The NJ Department of Environmental Protection (NJDEP) requires owners and operators of facilities subject to ISRA to establish a Remediation Funding Source (RFS) and submit it with a Remediation Certification prior to the sale or transfer of ownership or no more than 14 days after a remediation action workplace is submitted by a Licensed Site Remediation Professional (LSRP). However, the NJDEP does exempt certain sites from the RFS requirement, including in instances when remediation is in an Environmental Opportunity Zone; remediation uses an innovative remedial action technology; an unrestricted or limited restricted use remedial action is implemented in a timely manner; the establishment is a government entity; remediation is at a primary or secondary residence; the establishment is a licensed child care center and / or a public, private, or charter school.  Click here to learn more.