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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Joseph Runfo…, Agent, Staten Island, NY
Wed Nov 9, 2011
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
Ron Thomas, Agent, Fresno, CA
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
Annette Levi…, , New York, NY
Wed Nov 9, 2011
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?
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