Tackling Envrionmental Issues In Real Estate Agreements - Addressing the Potential Issues
Lauren Beetle and Amy M. Trojecki - Ballard Spahr Andrews & Ingersoll, LLP
August 8, 2008
Addressing environmental issues has emerged as one of the most sig¬nificant concerns in commercial real estate transactions today. The strict liability nature of environmental laws has resulted in a heightened awareness of environmental issues in real estate transac¬tions for decades now. Dealing with envi¬ronmental concerns, however, has become increasingly important in recent years, due to rigid state and federal environmental requirements and the fact that many New Jersey developers, investors and property owners are now acquiring existing and/or redeveloping abandoned or underuti¬lized sites. Because environmental law has become a specialty practice area, pro¬visions in real estate deals regarding envi¬ronmental matters seem to be managed either so intensely that the environmental concerns smother the transaction, or are virtually ignored. While it is not practi¬cal to include provisions in an agreement that address every potential environmental issue that may arise, it is crucial that par¬ties to a real estate transaction understand the representations and warranties that are made and the due diligence that is per¬formed regarding environmental issues, along with the fiscal and legal implica¬tions of such information.
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