A Connecticut seller is transferring a commercial property that previously housed a furniture manufacturing plant. The seller's licensed environmental professional has investigated the site and determined that the property qualifies as a Transfer Act establishment. The LEP has also determined that contamination exists and that active remediation will be required. The seller and buyer have agreed that the buyer will take on responsibility for the remediation after closing. Which Transfer Act form must be filed to document this arrangement?
Correct Answer
D) Form II, because the property is an establishment requiring post-transfer remediation with the buyer as the designated responsible party
Form II is the correct filing when a Connecticut Transfer Act establishment has known contamination and the parties have agreed that remediation will occur after the transfer. A Form II includes a Transfer Act compliance plan that identifies the responsible party — in this case, the buyer — and establishes the framework for post-transfer remediation. The fact that the buyer (rather than the seller) is designated as the responsible party is permissible under the Act; the key requirement is that the responsible party be clearly identified in the Form II.
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Related Topics & Key Terms
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Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
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