Designed to help buyers and lenders make an informed
decision related to real estate transactions. This
fulfills the requirement for "due diligence", as
outlined in the
Comprehensive Environmental Response
Compensation and Liability Act (CERCLA), commonly
known as
Superfund.
Environmental Control Opportunities, LLC performs these
assessments in accordance with the EPA's All
Appropriate Inquiries ruling, and utilizing the
guidelines in the "Standard Practice for
Environmental Site Assessments" provided by the
American Society of Testing and Materials (ASTM).
CERCLA Overview
According to the Environmental Protection Agency's (EPA) website on the subject:
The Comprehensive Environmental Response, Compensation, and
Liability Act (CERCLA), commonly known as Superfund, was enacted by
Congress on December 11, 1980. This law created a tax on the chemical
and petroleum industries and provided broad Federal authority to respond
directly to releases or threatened releases of hazardous substances
that may endanger public health or the environment. Over five years,
$1.6 billion was collected and the tax went to a trust fund for cleaning
up abandoned or uncontrolled hazardous waste sites. CERCLA:
- established prohibitions and requirements concerning closed and abandoned hazardous waste sites;
- provided for liability of persons responsible for releases of hazardous waste at these sites; and
- established a trust fund to provide for cleanup when no responsible party could be identified.
The law authorizes two kinds of response actions:
- Short-term removals, where actions may be taken to address releases or threatened releases requiring prompt response.
- Long-term remedial response actions, that permanently and
significantly reduce the dangers associated with releases or threats of
releases of hazardous substances that are serious, but not immediately
life threatening. These actions can be conducted only at sites listed on
EPA's National Priorities List (NPL).
CERCLA also enabled the revision of the National Contingency
Plan (NCP). The NCP provided the guidelines and procedures needed to
respond to releases and threatened releases of hazardous substances,
pollutants, or contaminants. The NCP also established the NPL.
CERCLA was amended by the Superfund Amendments and Reauthorization Act (SARA) on October 17, 1986.
U.S. House of Representatives U.S. Code - Title 42
