who is responable for oil tank in grond seller or buyer thank you e mail addres thekevster58@gmail.com

Asked by Thekevster, 07740 Thu Dec 18, 2008

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Gregory Bain, , Ocean County, NJ
Fri Dec 19, 2008
Again, it depends on the contract. Did it state AS IS? Did it offer a period of time to inspect and did you comply with those terms? When and to what degree is the oil tank damaged? What did your attorney say about the under ground storage facilities in his review letter? Is the DEP involved? The owner of the property is responsible but no one here can further determine what the issue is or the correct course of action for you. Your contract may lock you into the purchase and the time of discovery may have lapsed. Ask your attorney - not a HS grad with a license to sell.
Web Reference:  http://Ask4Greg.com
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William Leigh…, , New Jersey
Thu Dec 18, 2008
Thekevster: Who ever owns the tank is "responsible" for it. Unless condemned by the EPA, a tank is still usable. Would I buy a property with one? Probably not. A colleague has told a story of $300,000 in costs of contamination! I don't know and hope I never learn the details of that one. If you are buying and you go to your homeowners insurance and mortgage companies with the in-ground tank information, you may find that they don't want to play in your yard.

This is a matter that can be easily fixed with a removal, the cost of which is subsidized by the state to some degree, usually enough to cover the whole thing. There are firms that do this service all the time.
0 votes
Dallas Texas, Agent, Dallas, TN
Thu Dec 18, 2008
Buyers does not own the property till it conveys new owner day of closing. Therefore seller is held responsible for anything involving the property up to close. DISCLAIMER: this is a board and open question difficult to make any further comment unless more disclosure of question. If all else fails confer with buyers agent, real estate attorney, or city.
Web Reference:  http://www.lynn911.com
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Gregory Bain, , Ocean County, NJ
Thu Dec 18, 2008
that depends on how the contract was written
Web Reference:  http://GregoryBain.com
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