Transfer of ownership law Connecticut

Connecticut property transfer Act sets environmental reporting requirements that must be met for selling a business or other assets previously managed or placed hazardous waste. It obliged the seller of property - or the buyer accepts - determine the extent of contamination by hazardous waste and whether measures have been taken, or must be taken to clean. EstablishmentsBusinesses or properties that must comply with the transfer of ownership that are referred to as "institutions" the law defines various types of facilities: a company or a property, more than 100 kilograms of hazardous waste for one month from November 1980; produces a company or a property managed hazardous waste treatment, storage or disposal; any business or the property where the chemical cleaning, stripping furniture or car body repair on or after 1 May 1967 was carried out. The Act applies to real estate and business - facilities, which means that if you sell a company that once managed toxic waste comply with the law physical property must also sell step where was handled.ProcessDuring waste, complete each sale a qualified entity, one of the eight forms and to must submit Connecticut Department of environmental protection. In General, the provider that fills out the form, but can a seller and the buyer is to negotiate this. This is an important issue, because who will be the form as the "party of certification" characters on the hook for any required cleanup. The Department examined and approved the form (or sends back if not completed correctly). After the form is approved, an investigation can begin - paid durch certification - party to the extent of pollution and if all e Reinigungerforderlichen St. The Department must approve any cleaning project. The process can take years.FormsThere are four possible forms that can accompany a sale, and there are separate versions of each form gourmet tour company and real estate, for a total of eight forms. Form, I hereby declare that an investigation has already been completed and there was no pollution and thus without the need for cleaning. Form II countries, the establishment of contaminated earlier was that cleaning was already performed and approved by the State but. Form III says that environmental conditions are unknown or that there was no cleaning pollution but. Form IV States that pollution and cleanup was conducted, but the monitoring will be required, for example, to check groundwater.PenaltiesPenalties for violation of the law can steep - be up to $25,000 for each day the transfer is in violation, more than a year in prison. If the offence as criminal negligence is guilty, the penalty amounted to $ 50,000 per day, two years in the prison.ExceptionsCertain transfers property only apply as "Sales" by law and are therefore subject to its requirements. It is seized lands and the sale of a minority in a company going.