A New York property owner participating in the state's Voluntary Cleanup Program completes remediation and receives a Certificate of Completion from DEC. Five years later, they want to sell the property. What protection does this certificate provide to potential buyers?
Correct Answer
D) Protection from state enforcement action for the remediated contamination, subject to program requirements
A Certificate of Completion under New York's Voluntary Cleanup Program provides protection from state enforcement action for the specific contamination that was remediated, as long as the remedial action continues to be protective and program requirements are met. This is significant but limited protection.
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Megan's Law requires states to make information about registered sex offenders available to the public. Some states require real estate agents to inform buyers about the availability of sex offender registries.
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
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A New York commercial property buyer discovers that the building's previous tenant operated a photo processing lab that used various chemicals. The tenant vacated two years ago and the space has been vacant since. What environmental due diligence should the buyer's agent recommend?
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