Epa Model Prospective Purchaser Agreement

The proposed transaction agreement and additional background information about the agreement will be available for public consultation, by appointment, at 1595 Wynkoop Street, Denver, Colorado. Comments and requests for a copy of the proposed agreement should be directed to Julie Nicholson, Enforcement Specialist, Superfund and Emergency Management Division, Environmental Protection Agency-Region 8, Mail Code 8SEM-PAC, 1595 Wynkoop Street, Denver, Colorado 80202, (303) 312-6343 and should refer to Lockwood Solvent Ground Water Plume. ORS 465.255 contains some legal improvements that are particularly relevant for buyers. For example, a person who purchases goods that are already contaminated would not be held liable under the defense of the „innocent buyer“ if, at the time of purchase, the person was not aware of the contamination and should not reasonably have been aware of it. To maintain this defence, the person must have carried out „all appropriate investigations“ before the purchase of the property. Although Oregon has not adopted an AAI rule, an assessment consistent with the federal AIA rule (see below) would generally be a satisfactory investigation. Other forms of study may also be sufficient. In any case, if the pre-acquisition assessment identifies contaminations or conditions requiring further investigation, this defense would not be available. According to Oregon Revised Statute 465.255, a purchaser of contaminated property may be liable for the costs of disposing of existing contamination if the purchaser was aware or should have been aware of the contamination at the time of purchase. If an environmental assessment reveals contamination prior to acquisition, the purchaser may be held liable for that contamination, even if it occurred before the purchaser became the owner. Similarly, a person who purchases real estate without first conducting an environmental assessment may be held liable for existing contaminations that will be discovered later. A ECA is generally described as a legally binding agreement between the EPO and a potential buyer or lessee of immovable property.

The document may to some extent limit the buyer`s or lessee`s liability to the EPO for the renovation of the property. .