Home Buying in 10541>Question Details

Ginny, Home Buyer in 10541

I own a commercial building. The seller NEVER disclosed a leaking oil tank underground, what are my legal rights and what about full disclosure?

Asked by Ginny, 10541 Wed Nov 9, 2011

Do I have the right to sue the seller of this commercial property that did not disclose the underground leaking oil tank?

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Answers

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Under the Superfund Amendments and Reauthorization Act there is a concept called innocent landowner immunity. The innocent owner must show that due care was taken when the land was purchased (the landowner made a reasonable search by way of an environmental assessment.) All parties to the real estate transaction should be certain to ascertain that due diligence has been conducted on the property by having an environmental screening done before the purchase of the property.
Web Reference: http://www.clovelake.com
0 votes Thank Flag Link Wed Nov 9, 2011
Are the requirements for COMMERCIAL the same as residential?
Do you know if the SELLER had "First Hand Knowledge" of the oil tank leak?

two pretty important questions.

Good luck and may God bless
0 votes Thank Flag Link Wed Nov 9, 2011
Ginny,
Didn't you do environmentals? If you didn't you deserve what you got.
How would the seller know the underground oil tank leaked without having it checked out?
0 votes Thank Flag Link Wed Nov 9, 2011
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