Are you considering purchasing a commercial or industrial property that may have environmental contamination? Are you aware of the term bona fide prospective purchaser (“BFPP”) and how it can protect you from liability?
In 2001, Congress passed the Small Business Liability Relief and Brownfields Revitalization Act (the “Brownfields Amendments”). The Brownfields Amendments amended CERCLA to exclude persons who qualify as a BFPP from liability under CERCLA. To qualify as a BFPP, a purchaser must satisfy the criteria outlined in CERCLA, including three threshold requirements and five continuing obligations.
Effective September 15, 2020, thanks to Ohio Governor DeWine signing House Bill 168 into law, a purchaser of a contaminated property in Ohio can establish the BFPP defense against liability at the state level. As a result, purchasers of impacted properties in Ohio that meet the BFPP defense requirements (or criteria) will receive liability protections at the federal and state level, essentially getting double the benefit for the same cost and effort.
Please welcome Fernando Diaz of Taft Stettinius & Hollister, as we discuss the requirements and obligations that you must meet to qualify and maintain status as a BFPP and how that status offers you protection from CERCLA liability in Ohio for the purchase of a contaminated commercial or industrial property.