Enviro Liability Has A 'Special' Place In Real Estate
July 16, 2013, 12:38 PM EDT
Law360, New York (July 16, 2013, 12:38 PM EDT) -- Environmental attorneys involved in real estate transactions have learned, after years of court decisions, that “as is” provisions in real estate purchase contracts do not mean “as is” when it comes to environmental conditions. A recent decision again underscores this. The decision of the New York Supreme Court, Appellate Division in Revell v.Guido is the latest reminder to exercise caution in contracting regarding environmental liabilities.
The appellate court reviewed the sale of property in which a seller filled out a property information statement submitted to him...