BL Companies Principal Samuel R. Haydock recently contributed a timely article to the New England Real Estate Journal about one of the most significant regulatory transitions in the state’s recent environmental history: the expiration of the Transfer Act in 2026 and the arrival of a new release-based cleanup program. In the piece, Haydock outlines how this shift will impact a much broader range of property owners and explains why now may be the time to assess environmental risks, even if a sale isn’t imminent. Here is an excerpt:
Once the new regulations take effect, there should hopefully be more clarity and less ambiguity. Until then, there are questions. One is whether property owners who want to sell should do so before or after the new regulations are in place. For properties that are subject to the Transfer Act, it may be best to not sell unless you need to, especially if you have conducted an environmental assessment and found no pollutants. Waiting means that you may be able to avoid an unnecessary entry into the Transfer Act.
For properties not affected by the current Transfer Act, the question is a little trickier. If you are ready to sell, you should likely do so now before the new regulations are in place. But even if a sale is not imminent, property owners may still want to take action and conduct an environmental assessment now, before the effective date of the new regulations.
The reason for this is the “filing cabinet exemption.” Under this exemption, any assessment conducted before the effective date will not trigger a reporting obligation. Read the full article at the New England Real Estate Journal website.