22: Environmental Issues & the Real Estate Transaction

Unit 22: Environmental Issues & the Real Estate Transaction

Asbestos

A mineral once in insulation and other materials that can cause respiratory diseases

Brownfield

Defunct, derelict, or abandoned commercial or industrial sites; may have toxic wastes

Capping

The process of laying 2 to 4 feet of soil over the top of a landfill and then planting grass on it to enhance the landfill’s aesthetic value and prevent erosion.

Carbon Monoxide (CO)

A colorless, odorless gas that occurs due to incomplete combustion as a by-product of burning such fuels as wood, oil, and natural gas. Improperly vented CO can lead to death.

Comprehensive Environmental Response, Compensation & Liability Act (CERCLA)

A federal law administered by the Environmental Protection Agency that establishes a process for identifying parties responsible for creating hazardous waste sites, forcing liable parties to clean up toxic sites, bringing legal actions against responsible parties, and funding the abatement of toxic sites. Also see Superfund.

Encapsulation

A method of controlling environmental contamination by sealing off a dangerous substance

Formaldehyde

A colorless chemical with a strong, pronounced odor. It is classified as a possible human carcinogen.

Groundwater

The water that exists under the earth’s surface within the tiny spaces or crevices in geological formations.

Innocent Landowner Immunity

A clause of the Superfund Amendments and Reauthorization Act that establishes the criteria by which to judge whether a person or business could be exempted from enviornmental liability.

Landfill

An enormous hole, either excavated for the purpose of waste disposal or left over from surface mining operations.

Lead

Used as a pigment and drying agent in alkyd oil-based paint in about 75% of homes built before 1978. An elevated level of lead in the body can cause serious damage to the brain, kidneys, nervous system, and red blood cells. Children under the age of 6 are most vulnerable.

Mold

Fungi that grows in the form of multicellular filaments called hyphae. Some mold can cause disease, and others play a role in biodegration or the production of antibiotics and enzymes.

Radon

A naturally occurring gas that is suspected of causing lung cancer.

Superfund Amendments and Reauthorization Act (SARA)

An amendatory statute that contains stronger cleanup standards for contaminated sites, including increased funding for Superfund, and clarifications of lender liability and innocent landowner immunity. See also Comprehensive Environmental Response, Compensation, & Liability

Underground Storage Tank (UST)

Commonly found on sites where petroleum products are used or where gas stations and auto repair shops are located. In residential areas, tanks are used to store heating oil. Over time, neglected tanks can leak hazardous substances into the environment.

Water Table

The natural level in which the ground is saturated.

Superfund

Popular name of the hazardous-waste cleanup fund established by CERCLA.