As-is is just a term that means you can still contract and have inspections on the home, but that the seller will not be repairing anything that you may have concerns about. You still back out of the contract if indeed the repairs are too great. i have represented buyers where they contracted a home that was as-is and yet the repairs were so extensive that we re-negotiated price, and again another buyer where we received a credit at the closing table. it would all depend on your financing and whether they allow for credits at closing.
To answer your oil question, in Ct. sellers get that credit along with any pre-paid taxes that were paid.

Yes, It is customary in Connecticut that there will be a fuel adjustment at closing.

A credit is given to the sellers for any fuel left in the oil tank. If the sellers request a reading from the oil company with enough notice, it will usually appear on your HUD-1 (Settlement Statement).

If it is done at the last minute then you may have to write a personal check at closing to the seller. It depends on timing and the attorneys.

Congratulations on your new home!

Hi Holly,
It is customary in CT that the seller is reimbursed for the Oil in the tank at closing. The As Is clause pertains to the condition of the property and it's mechanicals. It is suggested to have the oil company come out to measure the amount remaining and fax a statement of cost to the agents and attorney's involved. Congratulations in advance with your home purchase.

It should not matter whether or not the home is being sold "as is" or allowing for repair negotiations. However, it is important that you understand the answer to your question may vary depending what the purchase contract dictates in your state. For instance in North Carolina it does not matter if the home is being sold "as is" or being sold allowing for repair negotiations; it is expected that the seller will be credited for the remainder of the oil in the tank. I recommend that you contact the real estate commission for your state and ask them your question. If I can answer any other questions or assist you in any way please contact me at Krista.Abshure@Century21.com.

Traditionally when you purchase a home "as is" this means the seller will ususally not fix anything after the home inspection. Also if you do an inspection it will be "for your eyes only".
The oil in the tank, at closing, is credited to the seller at the going market rate. This also depends on how the purchase and sale agreement is written, you could ask that the oil be included in the purchase.
If I have help you further please let me know, timmclark@optimum.net

Yes, that is usually considered a different issue. The "as is" condition usually refers to the home's strucural and mechanicals.

If you would like to discuss this further feel free to email or call me, I will be happy to help you.

Donna Springer
donna.springer@cbmoves.com
203-906-2549