Turning Brown Into Green: Practical Considerations for Lenders and Buyers of Contaminated Property in a Red Economy
First published in the California Real Property Law Journal, A quarterly publication of the Real Property Law Section of the State Bar of California.
This article provides the "glass half-full" perspective on how lenders and buyers can acquire and develop contaminated property during a red economy, while keeping liabilities in check. Section II provides an overview of the key environmental statutes that impose cleanup liabilities. Section III then addresses the legal protections available to lenders, prospective purchasers and landowners that help maximize the acquisition and development of Brownfields sites while minimizing potential cleanup liability. Finally, Sections IV and V provide practical tips to lenders and prospective purchasers who want to turn Brownfields sites into green opportunities.