New Jersey’s complex environmental regulatory schemes often give rise to significant liabilities and regulatory obligations that affect the sale and purchase of businesses and the conveyance of real property throughout the state. In many instances, environmental laws and regulations can directly affect the value or future viability of a property or business. The Comprehensive Environmental Response Compensation and Liability Act, 42 U.S.C. § 9601 et seq. (CERCLA or Superfund); the New Jersey Spill Compensation and Control Act, N.J.S.A. 58:10-23.11 et seq. (Spill Act); and the New Jersey Industrial Site Recovery Act, N.J.S.A. 13:1K-6 et seq. (ISRA), all provide real and significant liability concerns for prospective sellers, purchasers and lenders.
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