This comprehensive guide examines the issues, problems and pitfalls involved in the intersection of real estate, business, and environmental law. A unique and practical resource, this updated fourth edition of Environmental Aspects of Real Estate and Commercial Transactions covers the entire range of environmental issues that arise when real estate is developed, operated, sold, or financed. Edited by James B. Witkin, the chapters in this compendium are written by a team of accomplished real estate, environmental, tax, land use, and business lawyers and technical experts, in private practice, corporations, government, and law schools. All chapters have been substantially revised to reflect changes in law and practice. The clearly written, detailed, and timely chapters cover all aspects of the environmental issues that must be considered in the purchase, sale, or finance of office, retail, manufacturing, or multifamily properties. The book's 29 chapters are organized into five parts for quick access to pertinent information: • Part I: Basic issues of environmental liability -- both statutory and under the common law. These chapters deal with the critical issue of lender liability, environmental disclosure requirements and criminal environmental liability. • Part II: Environmental due diligence. Covers the environmental audit process, the role of environmental consultants, and the science necessary for understanding consultants' reports. • Part III: Environmental matters in the transactional and business context. Includes chapter on how deals are structured and documented to allocate environmental risks, landlord-tenant environmental issues, tax issues related to environmental clean-ups, environmental disclosures under securities laws, and environmentally related bankruptcy issues. This part also features chapters on brownfields, institutional controls often used at brownfields sites, and environmental insurance. • Part IV: The most common environmental problems affecting developed properties. Topics include underground storage tanks, asbestos, lead-based paint, indoor air pollution, and mold. • Part V: Environmental problems that arise in the land development process. Chapters focus on wetlands, endangered species, stormwater issues, the constitutional "takings" implications of environmental laws, environmental justice, conservation easements, environmental issues related to the development of former military bases, and the emerging topic of smart growth.