Legal Question in Business Law in Massachusetts
purchase of land / contract
1) when buying a piece of land that is contaminated by chemicals ( and the buyer knew this was the case) how can the buyer prevent future liability?
2) what laws can be used in a contract to prevent the buyer from future liabilities ( rist assesment )?
1 Answer from Attorneys
Re: purchase of land / contract
Hi.
This is a good question and your concern for future liability is a legitimate concern. When congress and the states decided the problem of polluted land had to be addressed, they decided that anyone who put the pollutants there and anyone who owned the land should shoulder the cost of cleanup. Insurers paid big for a while but then wrote exclusions into their policies. I don't know if you can actually shed the liability for future cleanups, a carefully crafted indemnity might give some protection. You should definitely hire a lawyer to draft the provision you hope for. The exposure to liability for landowners can be huge.
Charles W. Cobb
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