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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    Environmental

Date & Time
  • event Date

    Thursday, February 20, 2020

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$297.00

This course is $0 with these passes:

CLE
ALL

This CLE course will prepare counsel to identify and address the risk associated with vapor intrusion (VI) in real estate transactions using the most recent EPA guidance. The panel will review recent federal and state agency regulatory actions and court decisions, offer best practices for understanding and navigating the interplay between federal and state requirements, and outline approaches to mitigate VI risks.

Description

VI poses risks to property value and may result in clean-up and tort liability for owners of property affected by volatile chemical contamination. Properties located on or near historic contamination sources, such as former industrial facilities, gas stations, and dry cleaners, are impacted.

Several state and federal agencies have issued guidance on VI in recent years. The EPA issued its VI guidance, and the ASTM Standard E-1527-13 was published, requiring a Phase I Environmental Site Assessment to evaluate VI risks for reasonably expected future land use conditions, including new building construction and new uses and occupants for uninhabited buildings.

To adequately address risks associated with VI in real estate transactions, counsel must stay on top of federal and state regulatory actions and case law. In negotiating and drafting contracts, counsel can protect clients' interests in commercial transactions using such provisions as indemnification and specific representation regarding VI.

Listen as our panel, including an experienced environmental attorney and an engineer specializing in VI issues, examines the recent EPA guidance and outlines how VI can be evaluated and addressed in transactions. The panel will also discuss the interplay between federal and state requirements, explain how to determine which regulatory guidance applies to the client's situation, and offer best practices for counsel to protect clients' interests.

Outline

  1. Regulatory environment
    1. Federal
    2. State
  2. VI in real estate transactions
    1. Evaluation
    2. Due diligence
  3. Interplay between federal and state requirements
  4. Mitigating and managing VI risks
    1. Reps and warranties
    2. Releases and waivers
    3. Indemnification
    4. Environmental insurance

Benefits

The panel will review these and other key issues:

  • What are the implications of recent federal and state regulatory actions related to VI?
  • How should VI be addressed in due diligence in real estate transactions?
  • What are key strategies to manage potential VI liability risks in real estate transactions?