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Real Estate

Environmental Regulation

admin 2019.03.02 19:36 Views : 62

Environmental Regulation

Environmental protection standards are set by the federal EPA and state departments of health to control air, water, and noise pollution, as well as other environmental conditions, including the cleanup of hazardous substances.

Examples of environmental issues that real estate licenses and consumers involved in a residential or commercial real estate transaction must be aware of are asbestos, lead based paint and other lead hazards*, radon, urea-formaldehyde, mold, carbon monoxide, electromagnetic fields, groundwater contamination, underground storage tanks, and waste disposal sites**.

*The EPA and the Department of Housing and Urban Development (HUD) issued final regulations requiring disclosure of the presence of any known lead-based paint hazards to potential buyers or renters.

**The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) was created in 1980. It established a fund, called the Superfund, to clean up uncontrolled hazardous waste sites and to respond to spills. It created a process for identifying potential responsible parties (PRPs) and ordering them to take responsibility for the cleanup action. CERCLA is administered and enforced by the EPA.