Chapter 21 Environmental Issues and the Real Estate Transaction

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Presentation transcript:

Chapter 21 Environmental 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.

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

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

21 Environmental Issues and the Real Estate Transaction

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

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

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

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

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