Buying and Selling Contaminated Commercial Real Estate: Risks and Opportunities

June 2, 2004
None Specified
Barry J. Trilling, a partner in the Stamford office at Wiggin and Dana, will give a presentation on "Brownfield Property Transactions: The Federal Liability Scheme, All Appropriate Inquiry, and the role of the Environmental Professional in Performing Due Diligence."

Acquisitions of contaminated properties, sometimes known as “brownfields,” offer great opportunities, but also substantial risks for the acquirer and its creditors, developers, and lessors and lessees. That liability has shuttered many parcels of real property over the years. Recently, however, there has been renewed interest in acquiring and developing those formerly idle or underutilized properties. For business, real estate and general practitioners, this program will review how to determinate whether a property is contaminated, conduct proper due diligence, identify sources or liability and provide practical tips for drafting acquisition or development agreements to maximize value and limit liability.

From the convenience of your office, you will learn more about:

  • What a constitutes a “brownfield” and the consequences that flow from the characterization
  • The commonplace instances where these issues arise in real estate transactions
  • Review of joint and several liability for all owners and operators under CERCLA
  • Practical tips for conducting due diligence before acquiring contaminated property
  • New defenses against liability for real property acquirers and developers under the Small Business Liability Relief and Brownfields Revitalization Act
  • Structuring acquisition and development agreements to minimize liability
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