"We were told that federal law prescribed something called "joint and several liability": any previous owner of the building would be liable for the entire cost of a federal Superfund cleanup, even someone taking ownership of a corporate entity that had once owned the site. The feds could go after the seller, regardless of the terms of the sale. Basically, you don't want to go near anything that might have hazardous waste requiring a Superfund cleanup."
Exactly, this is why there are "brownfields" all over the old industrial portions of the USA. Nobody wants to buy/reclaim them since any trace of a spilled "toxic chemical" from 100 years ago leaves the current owner "on the hook" to pay for the whole cleanup.
Of course if the current or past owners have gone belly up and filed for bankruptcy then the gubermint "steps in" and cleans up the mess sometime in the next 100 years....
The business where I am employed has been purchased several times over the last decades. Each purchaser insists on "due diligence" which includes drilling sample wells all around the property to make sure no "toxics" are in the ground or leaching into adjacent properties.
Exactly, this is why there are "brownfields" all over the old industrial portions of the USA. Nobody wants to buy/reclaim them since any trace of a spilled "toxic chemical" from 100 years ago leaves the current owner "on the hook" to pay for the whole cleanup.
Of course if the current or past owners have gone belly up and filed for bankruptcy then the gubermint "steps in" and cleans up the mess sometime in the next 100 years....
The business where I am employed has been purchased several times over the last decades. Each purchaser insists on "due diligence" which includes drilling sample wells all around the property to make sure no "toxics" are in the ground or leaching into adjacent properties.