As activity on the real estate transactional front appears to be gaining momentum in 2014. Those engaging in related transactions should be aware of some recent changes to the environmental due diligence process and the requirements of meeting the federal All Appropriate Inquiries (AAI) rule under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA or Superfund). In particular, on December 30, 2013, the U.S. Environmental Protection Agency (EPA) published a final rule in the Federal Register approving the new ASTM E1527-13 Phase I Environmental Site Assessment standard as meeting the requirements of the AAI Rule at 40 C.F.R. pt. 312. 78 Fed. Reg. 79,319 (Dec. 30, 2013).
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