Buying Contaminated Property Without Liability—Making Sure Your Client is “Bona Fide”

Buyers of real estate and their professional advisors are all too familiar with the Phase I Environmental Site Assessment (ESA). Born out of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), 42 U.S.C. § 9601, et seq. (commonly known as the Superfund law), the Phase I ESA is a report prepared during a potential buyer’s due diligence on a property.