Providing practical solutions to problems arising with real estate environmental transactions
The importance of retaining a trustworthy and capable environmental consultant to conduct a thorough and appropriate investigation of a property, whether residential or commercial, cannot be overestimated. Even then, a consultant’s perspective is technical and not necessarily focused on legal or business objectives. This can leave you vulnerable for potential avoidable pitfalls later on down the line. Doing your due diligence in real estate transactions and other dealings will set you up for success in the long run.
We have the expertise to counsel our clients and comfortably represent them at any point in negotiations encompassing environmental issues in real estate and business transactions. We also counsel and negotiate for clients regarding other environmental issues pertaining to the transfer of a property or a business.
For example, in New Jersey, under several environmental statutes, like the Industrial Site Recovery Act, and the recently enacted Site Remediation Reform Act, the obligation to remediate contaminated property is triggered when certain business owners or operators cease operations, or transfer ownership or control of their property or business. We have successfully assisted clients in structuring transactions that comply with their obligations under these “trigger statues” but nevertheless allow for the timely sale or cessation of business operations or properties while the remediation process is ongoing.
Another example of our counsel providing due diligence in a real estate transaction is in our assistance in the acquiring of brownfields. Brownfields include previously developed land that is underutilized or not currently in use, that may be contaminated with hazardous substances. Brownfields present opportunity for investment but come with inherent legal risk arising from the environmental condition to assess and mitigate. Redeveloping a brownfield with pollution may be more economical and sustainable compared to previously undeveloped areas. Our attorneys experienced in law, science, forensics, insurance and cost recovery can help clients in acquiring, investigating, remediating, and developing brownfields, while addressing and mitigating risks.