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12 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Who persecuted companies and individuals who harm our natural environment? |
The Attorney General of the Commonwealth |
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Hazardous Issues |
In addition to requirement to disclose lead paint, the broker/agent is required to disclose any other issues that may be hazardous to the potential buyers. |
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Underground Oil/Storage Tanks (UST) |
Agent is required to disclose to buyer if property has an UST. It is not a requirement to remove the tank unless it is leaking. Some city/towns do require this but it is not state law. Contact local fire dept for permits & approval to remove USTs. It is possible for a prior owner to be held liable for leaking tanks if it can be determined that the leak was present while they owned the property. |
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MGL 21E Site Assessment |
Part of the MA Superfund Law, MGL 21E. Applies to commercial property. The MA Dept of Environmental Protection oversees cleanup of contaminated properties & investigates responsible parties and who is to pay for cleanup. If oils, gasoline, paint or chemicals were stored on property, there could be cause for alarm. |
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Licensed Site Professional (LSP) |
The person/professional who oversees the clean-up a superfund or contaminated site, as per MGL 21E requirements. |
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CERCLA Superfund Law |
Stands for Comprehensive Environmental Response Compensation & Liability Act. A Federal Law referred to as the "Superfund", enacted in 1980. Gave Fed Gov't the authority to impose penalties against parties responsible for contaminating a site or roadway, & mandated that these sites be cleaned. This Act imposed a tax on the oil & chemical industries. Funds collected have been used to clean up contaminated sites. |
Federal Superfund Law. |
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SARA Superfund Law |
Superfund Amendment Reauthorization Act. When CERCLA expired this came into effect in its place. |
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MGL 21E |
Stands for MA Oil & Hazardous Material Release Prevention & Response Act. Mass/State version of CERCLA/SARA. Known as "Mass Superfund".
Owner of a property must disclose possibility of any toxins in soil. Buyer has the right to inspect for contamination. Lender may mandate that a commercial site have a 21E site assessment before loan is approved. Cost of inspection usually negotiated between buyer/seller. If owner was negligent in protecting against spills/contamination they could face serious consequences. The party responsible for pollution is also the party responsible for the cleanup if they can be identified. The state will take appropriate action to restore site. If they conduct the cleanup, a priority lien will be filed at the Registry of Deeds for the cost of cleanup (holds precedence over other liens). |
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Radon |
Natural gas that comes from the ground & enters property through cracks in the foundation. Any buyer who plans to utilize basement space, has a well, or knows of ledge in the area should conduct a radon test. Average levels of radon = 1.3 picocuries per liter. If there's a level of 4 or higher, it is recommended to install a mitigation system (vent system). |
Comes from ledge stone/rock |
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Asbestos |
Real estate agent must disclose if property has asbestos. Asbestos is a heat resistant material found in insulation, exterior shingles, floor tiles & on exterior of older furnaces (friable boilers or asbestos). Asbestos can cause lung cancer & condition known as asbestosis.
If owner is having asbestos removed they are required to: - Hire certified professional do do removal - Company doing removal must submit plan of action to contain & remove material. Needs local approval. - Material must be transported & disposed of at an approved landfill. |
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Title V Report |
Title V regulates private septic systems. The Title V Report is Provided by the seller. If a property is being sold, expanded or the use is being changed, it must be inspected to ensure it is meeting minimum standards approved by the state. In order to build or expand, the town will be concerned about absorption rate. A perk test is required. Refinances do not require inspections. |
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Title V Points to Know |
1. Property must be inspected within prior 2 years from date of sale, or 3 years if pumped annually. 3. If property fails inspection it must be brought into compliance within a designated timeframe, dictated by the town. 4. If inspection cannot be done due to weather conditions, it must be completed with 6 months from date of sale. 5. If property fails inspection, lender holds back some of the proceeds from seller until system is brought into compliance. 6. The MA Housing Finance Agency has a home improvement program for low to moderate income homeowners who are required to upgrade their system. 7. State allows a tax credit of up to $1,500 per year, up to $6,000 max over a 4 year period. |
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