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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 11167
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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In Illinois if your land is sold who is responsible tires or

Customer Question

In Illinois if your land is sold for taxes who is responsible for old tires or old gas tanks on the land, the new owner or the previous lawyer?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi

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I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986.

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The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) makes both current and former property owners jointly and severally liable for the cleanup of contaminated property.

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"Jointly and severally liable" means that they can come after both for any and all that they deem potentially hazardous

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Expert:  Lane replied 1 year ago.

Since this was enacted, however, the "Brownfields Amendments" have come along and provided some protections

Expert:  Lane replied 1 year ago.

For example, If you purchase property and later find out that there are hazards on that property, you may be able to avoid CERCLA liability under the "innocent landowner" exception.

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The requirements to qualify as an innocent landowner vary depending on (1) whether you acquired the property with no knowledge of contamination or (2) whether you inherited the property. But generally, you have the burden of proving that you performed all "appropriate inquiry" before buying the property, and that you were unaware.

Expert:  Lane replied 1 year ago.

The buyer has Continuing requirements as well, to be treated as "innocent," Primarily, (1) cooperating with cleanup efforts, (2) complying with all land use restrictions, (3) posting any legal notices that are required, and (4) that you provide any known information in response to requests about the property.

Expert:  Lane replied 1 year ago.

I hope this has helped.

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Please let me know if you have any questions at all.

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If this HAS helped, and you DON’T have other questions … I'd really appreciate a positive rating (using the rating request, faces, or stars on your screen)

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That's the only way I'll be credited for the work here.

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Thank you!

Lane

I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986.