To amend provisions of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 relating to Federal property transferred by Federal agencies.

Amends the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 to make specified contract notice requirements currently applicable to property transferred by Federal agencies on which a hazardous substance was stored, released, or disposed applicable to leases of, or granting of easements on, such property.

Considers remedial action to have been taken on transferred Federal property on which a hazardous substance was stored, released, or disposed if one of the following conditions exists: (1) remedial action has been completed on the property or no action was required; or (2) remedial action has been commenced on the property with respect to any remaining hazardous substance, the deed for the transfer of such property assures access so that such action can be taken, and the United States agrees to carry out actions until remedial action has been completed.

Authorizes the President, acting through a Federal agency, to arrange for the removal of any hazardous substance on real property, regardless of whether a danger to the public health or welfare or the environment exists.

Permits Federal agencies to subdivide property subject to this Act for purposes of sale, lease, grant of easement, or other transfer.

Requires the Secretary of Defense to report to the Congress on the manner in which the Department of Defense plans to carry out environmental restoration activities on military installations to be closed.