Hi Vinny. You've already gotten some great advice below. I just wanted to clarify the issue of the buyer's agent's knowledge.

While a buyer's agent is obligated to disclose any material fact that may impact the value of a home to her/his client (an abandoned underground oil tank would potentially constitute such a "material fact"), this obligation arises ONLY when the buyer's agent has KNOWLEDGE of this fact. The buyer's agent would typically obtain this knowledge upon reviewing the Sellers' Disclosure -- which, by the way, the buyer her/himself should also review in conjunction with the preparation of an offer . . . or, perhaps, by being told of the existence of the underground tank by the seller's agent.

Short of being TOLD that an abandoned underground oil tank exists (by the seller, the seller's agent or similar source), the law -- as I understand it -- does NOT presume that the buyer's agent has such knowledge. (Indeed, how could s/he?)

Certainly, if a buyer's agent obtains knowledge that an oil tank is found on the premises, s/he is obligated to disclose the existence of the tank and advise her/his client to consult appropriate professionals to answer any questions the buyer has about the existence of the tank (including, among others, professionals to advise on safety and liability issues).

I hope this information is helpful. Feel free to call me with any further questions at (610) 324-5240.

Good luck and blessings to you!

Warmly,
Judy

Judy May, Esquire, REALTOR
"A Refreshingly Different Real Estate Experience" http://www.JudysFineHomes.com
Judy.May@Century21.com
CENTURY 21 Alliance
2828 Audubon Village Drive
Audubon PA 19403
O: 610.666.0202 x. 226
C: 610.324.5240 (preferred)

Vinny,
Yes if it is disclosed on the seller's disclosure. If it's not the buyer's agent would have no way of knowing that it is there.
Kimberly Collins
Realtor, ABR
Keller Williams Realty Group
O: 610-792-5900
C: 610-476-7519
F: 610-792-8131

Vinny,

Real estate professionals are only as good as their information source. If the information provided is comprehensive and accurate problems can be avoided and buyer are happy.

Of course, it the agent has important information relative that could materially effect the transaction, it should be disclosed.

You ask a good question. Certainly, once a buyers' agent is aware that there is a hazard such as an undergraound oil tank, they should make their client aware of potential risk and liability. An underground oil tank, however, is not necessarily a bad thing. The EPA has a protocol for handling and/or removing them. What you should do is determine if the sellers had a contractor come in and handle it per the EPA protocol. Ask for the paperwork showing how the work was done and by whom and keep it in your files so when you go to sell the house you can assure your buyers it was handled properly. For more information please see the following link http://www.usinspect.com/resources-for-you/house-facts/envir…

Nancy Judovits
Weichert, Realtors Collegeville PA
610-409-9911 x 160/Office
610-409-6660/Direct
NJudovits@Weichert.com/Email

Vinny,
Absolutely yes! You need evidence that the tank was properly abandoned and why was it abandoned. Was it leaking? If the seller is stating that it was properly abandoned, they should have something in writing stating that. Also, the township might have the information as well. Here is a website that explains the processof abandonment rather well.
http://www.inspect-ny.com/oiltanks/tanks.htm
Also, if the property has a private well, I would recommend an additional test that should be done to make sure there is no traces of fuel in the water.

If you need a referral to a company I used in the past for removal or water testing, please feel free to give me a call.

Emily Landis Torres
Re/max Central
1110 N. Broad Street
Lansdale, Pa 19446
215-362-2260 x 1793
direct: 267-640-2327
email: emily@emilyshomeinfo.com

Vinny,

If you suspect an underground fuel tank that is no longer in use exists you must take action before you purchase the home. State regulations generally require the proper abandonment or removal of underground fuel storage tanks that are no longer in use. The existence of the tank must be verified and addressed prior to expiration of your inspection contingency.

To answer your question, Yes, a buyer's agent should be aware of that.


Shehla Karim
Weichert Realtors
610-659-4869