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Environmental Hazards in Real Estate Transactions - Protecting Client Interests

Learn about the various environmental hazards commonly found in real estate transactions and how to identify, address, and disclose them. Understand liability issues and the importance of protecting groundwater and properly disposing of waste. Discover the role of environmental assessments and disclosures in ensuring a successful transaction.

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Environmental Hazards in Real Estate Transactions - Protecting Client Interests

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Presentation Transcript

  1. Chapter 21Environmental Issues and the Real Estate Transaction Pollution, such as hazardous runoff into local waterways, is a serious issue for homeowners, developers, and real estate professionals.

  2. 21 Environmental Issues and the Real Estate Transaction • Learning objectives • Identify the basic environmental hazards an agent should be aware of in order to protect the client’s interests • Describe the warning signs, characteristics, causes, and solutions for the various environmental hazards most commonly found in real estate transactions • Explain the fundamental liability issues arising under environmental protection laws • Distinguish lead-based paint issues from other environmental issues

  3. 21 Environmental Issues and the Real Estate Transaction • Hazardous substances • Asbestos • Lead-based paint and other lead hazards • Radon • Formaldehyde • Carbon monoxide • Polychlorinated biphenyls (PCBs) • Chlorofluorocarbons (CFCs) • Mold • Electromagnetic fields

  4. 21 Environmental Issues and the Real Estate Transaction

  5. 21 Environmental Issues and the Real Estate Transaction • Groundwater protection • Groundwater • Water table • Safe Drinking Water Act (SDWA) • Underground storage tanks (USTs) • Registration and administrative requirements • Exempted types of tanks

  6. 21 Environmental Issues and the Real Estate Transaction Waste disposal and clean-up • Landfills • Capping • Hazardous and radioactive waste Brownfields Environmental Protection • Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) • Superfund Amendments and Reauthorization Act

  7. 21 Environmental Issues and the Real Estate Transaction • Georgia Department of Natural Resources (DNR) • Georgia Land Conservation Program Council

  8. 21 Environmental Issues and the Real Estate Transaction • Agent liability • Discovery of environmental hazards • Environmental site assessments • Environmental impact statements (EIS) • Disclosure of environmental hazards

  9. 21 Environmental Issues and the Real Estate Transaction • In Georgia, limited liability for purchasers of contaminated property • In Georgia, BRETTA does not require a licensee to discover problems but does require disclosure of what the licensee knows

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