By Nicholas Rigano (June 30, 2017, 11:10 AM EDT) -- Under the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C.S. § 9601) ("CERCLA"), current owners and operators of real property are strictly liable for costs to clean up environmental contamination regardless of whether the contamination existed prior to their ownership. Upon closing, a purchaser becomes a current owner under the statute and, therefore, has strict liability for such costs. This results in environmentally contaminated properties typically having a significantly reduced market value and may render them completely unsellable. The rarely used bona fide prospective purchaser ("BFPP") defense, however, may completely shield a prospective purchaser from CERCLA liability stemming from pre-existing contamination and may facilitate the alienability of the contaminated property....