As a result of the CERCLA liability scheme, environmental investigation into property prior to purchase has become routine. Since CERCLA imposes liability on the current owner or operator of a facility without regard to fault, many commercial property transactions include at a minimum, a “Phase I” environmental assessment and contractual transfer of liability provisions.* * * *Sale of a property “as is” will not protect seller from CERCLA liability, because an “as is” clause is a defense to a warranty action, but does not bar joint liability under CERCLA. Velsicol Chemical Corp. v. Reilly Industries, Inc., 67 F. Supp. 2d 893 (E.D. Tenn. 1999); International Clinical Lab., Inc. v. Stevens, 710 F. Supp. 466 (E.D.N.Y. 1989); B. Sen, Avoiding Liability: A Real Property Purchaser’s Roadmap to the Dangers of Superfund Law, 15 U. Haw. L. Rev. 105 (1993); Note, Impact of CERCLA on Real Estate Transactions: What Every Owner, Operator, Buyer, Lender, …Should Know, 6 B.Y.U.J. Pub. L. 365 (1992); Note, A Buyer’s Catalogue of Prepurchase Precautions to Minimize CERCLA Liability in Commercial Real Estate Transactions, 15 U. Puget Sound L. Rev. 469 (1992); H.T. Wells, Jr. & J.O. Taylor, II, Environmental Considerations in Real Estate and Other Business Transactions, 53 Ala. L. Rev. 31 (1992); Seel, How Green is Green? Partial Ownership Interests under Superfund Laws, 11 Nat. Resources & Env’t 49 (Winter 1997); Johnson, Henderson & Childers, Structuring Corporate and Real Estate Transactions Involving Contamination, 4 Ga. B. J. 14–22 (1998).
240D-240 Business Organizations with Tax Planning § 240D.05 n. 31 (2016).