Why it matters
BFPP status is not automatic. The buyer must complete all appropriate inquiries before acquisition and meet continuing obligations after closing. Legal counsel should confirm the steps for a given deal.
Source: epa.gov
Environmental
Bona Fide Prospective Purchaser (BFPP)
A bona fide prospective purchaser is a buyer who meets statutory criteria under CERCLA, including all appropriate inquiries, to acquire contaminated property while limiting Superfund liability as a landowner.
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