Home Buying in 03446>Question Details

mrs.ayers, Home Buyer in 03446

Added expense with no contract.

Asked by mrs.ayers, 03446 Fri Aug 10, 2012

I (buyer) am closing in 5 days. The Realtor (seller) informed me 1 days ago, I have to pay for remaining fuel. There was no mention pryer to this added expense, and is NOT in any part of the contract. Do I still have to pay?

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Paragraph 10 of the standard NH Purchase and Sales agreement states that fuel will be prorated. I use this for current pricing: http://www.newenglandoil.com/newhampshire.htm


Oil Tank Fill Proration

Most residential oil tanks have a 275 gallon capacity, however oil companies typically will not fill a tank completely. To determine how much oil is in a tank, I suggest using 260 gallons as a full tank base measurement.



______________________________________
Lee P. Johansen
Keller Williams Realty Metropolitan
168 South River Rd. Suite 1A, Bedford, NH 03110
Cell: 603-315-0739
Fax: 603-628-2246
Office: 603-232-8282
E-Mail: Lee@LeeJohansen.com
http://LeeJohansen.com/
Licensed in New Hampshire
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1 vote Thank Flag Link Fri Aug 10, 2012
It is included in most purchase and sales agreements and quoted as buyer shall pay for fuel in storage. You would have had to cross this out in your initial offer to get the fuel for free. Please review your purchase and sales agreement. Your agnet should be easily able to go over this and assist you.
0 votes Thank Flag Link Fri Aug 10, 2012
Hello Mrs Ayers

Lee is right Paragraph 10 states

"Taxes, Condo Fees, Special Assessments, Rents, Water and Sewage Bills and Fuel in Storage shall be pro-rated as of date and time of closing".

Unfortunately the agent did not explain that to you when he or she went over the purchase and sales agreement. So yes you are responsible.

Tracey Guy
Prudential Verani Realty
0 votes Thank Flag Link Fri Aug 10, 2012
Mrs. Ayres,

Typically, contracts do spell out the need for prorations associated with a transaction. taxes, HOA fees, fuels etc. are some typical items previously purchase by the owner that are considered. Thus, it's likely that there will be other prorations associated with your purchase as well.

People associated with real estate transactions can't make up things as they go along. Guidelines are established that must be followed. Consider contacting the attorney or title company doing your closing for an explanation and clearer understanding of the expenses associated with your transaction.

Good luck,

Bill
0 votes Thank Flag Link Fri Aug 10, 2012
Unfortunately, it appears that you do not have a Buyer's Agent. A Buyer's Agent would help you with those issues. Ask the Seller's Agent to tell you where, in the documents, the fuel is referenced and that you must pay for it. If you have further questions, call the title company that is handling your transaction and ask about the payment of the fuel..
0 votes Thank Flag Link Fri Aug 10, 2012
Check your purchase agreement. It's in there.

However, very likely yes. Often, the amount of fuel is calculated and that cost is paid by the buyer.

Now, if it's truly, honestly not in there . . . . then (and I'm not a lawyer so this isn't legal advice) perhaps not. It'd be like buying a house with boxes the seller left in the attic. You're buying the property and everything in it.

But oil in the tank is handled sort of similarly (roughly) to taxes that the seller may have already paid on the property. Let's say the seller paid half a year's property taxes on July 1. At closing, the seller gets reimbursed for the amount of taxes paid that are applicable after your purchase of the house.

So check the contract. And certainly ask your own Realtor. (Uh oh. You DO have your own Realtor, don't you?). Don't rely on the listing agent for such advice.

Hope that helps.
0 votes Thank Flag Link Fri Aug 10, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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