[Code of Federal Regulations]
[Title 40, Volume 27]
[Revised as of July 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 40CFR312.29]

[Page 404]
 
                   TITLE 40--PROTECTION OF ENVIRONMENT
 
         CHAPTER I--ENVIRONMENTAL PROTECTION AGENCY (CONTINUED)
 
PART 312_INNOCENT LANDOWNERS, STANDARDS FOR CONDUCTING ALL APPROPRIATE 
 
                    Subpart C_Standards and Practices
 
Sec.  312.29  The relationship of the purchase price to the value of the 

property, if the property was not contaminated.

    (a) Persons to whom this part is applicable per Sec.  312.1(b) must 
consider whether the purchase price of the subject property reasonably 
reflects the fair market value of the property, if the property were not 
contaminated.
    (b) Persons who conclude that the purchase price of the subject 
property does not reasonably reflect the fair market value of that 
property, if the property were not contaminated, must consider whether 
or not the differential in purchase price and fair market value is due 
to the presence of releases or threatened releases of hazardous 
substances.
    (c) Persons conducting site characterization and assessments with 
the use of a grant awarded under CERCLA section 104(k)(2)(B) and who 
know that the purchase price of the subject property does not reasonably 
reflect the fair market value of that property, if the property were not 
contaminated, must consider whether or not the differential in purchase 
price and fair market value is due to the presence of releases or 
threatened releases of hazardous substances, pollutants, contaminants, 
petroleum and petroleum products, or controlled substances as defined in 
21 U.S.C. 802.

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