Prospective Purchaser Agreement Oregon Deq

Are you looking to purchase property in Oregon? If so, it is important to be aware of the prospective purchaser agreement (PPA) required by the Oregon Department of Environmental Quality (DEQ).

The PPA is a legal agreement that must be signed by a prospective purchaser of a property that may have environmental issues or contamination. It is designed to protect both the buyer and seller by outlining the responsibilities of each party in regards to any environmental liabilities associated with the property.

The purpose of the PPA is to ensure that the buyer is fully informed about any potential environmental issues before purchasing the property. This includes information about any past or current environmental contamination, as well as any ongoing cleanup or remediation efforts.

The PPA also outlines the buyer`s responsibilities in regards to any future environmental issues that may arise. This includes the obligation to notify the DEQ of any new contamination found on the property and to follow all necessary cleanup procedures.

In addition to protecting the buyer, the PPA also protects the seller by limiting their liability for any environmental issues that may arise after the sale of the property. By signing the PPA, the buyer agrees to assume responsibility for any future environmental liabilities associated with the property.

It is important to note that the PPA is required for all property sales in Oregon, even if there is no evidence of environmental contamination. The DEQ requires that the PPA be signed before the transfer of property ownership can take place.

If you are purchasing property in Oregon, it is essential to work with a qualified real estate attorney who is experienced in environmental law. They can help ensure that the PPA is properly drafted and that all necessary steps are taken to protect your interests.

In conclusion, the prospective purchaser agreement required by the Oregon Department of Environmental Quality is an important legal document that protects both buyers and sellers of potentially contaminated properties. By working with a qualified attorney and being fully informed about your responsibilities, you can ensure a smooth and successful property purchase in Oregon.

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