Home Buying in 06791>Question Details

Holly, Home Buyer in Watertown, MA

When you buy a house as is does that mean the seller still gets paid for the oil in the tank?

Asked by Holly, Watertown, MA Thu Jun 26, 2008

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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!
0 votes Thank Flag Link Wed Jul 2, 2008
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.
Web Reference: http://www.QuinnRe.com
0 votes Thank Flag Link Fri Jun 27, 2008
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.
0 votes Thank Flag Link Thu Jun 26, 2008
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
0 votes Thank Flag Link Thu Jun 26, 2008
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
0 votes Thank Flag Link Thu Jun 26, 2008
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