The Seller indicated theres an underground heating oil storage tank. Should I be concerned?
Simple answer to this. YES! Although it’s fairly uncommon for an underground tank to leak, it’s entirely possible. When an underground storage tank is found, our clients are URGED to obtain verification of condition and/or require proper removal prior to closing. Don’t assume the liability of what has the potential to be an astronomical cost of cleanup if the tank has leaked and contaminated soil is present. return to top Does the seller have to repair any deficiencies found on the inspection? There is no requirement that the seller repair anything or re-negotiate after the inspection. If deficiencies are uncovered that the buyer was not aware of prior to the inspection, they typically have the option to accept them, attempt to renegotiate to have them repaired or to adjust the purchase price, or reject the home and have their deposit returned to them. Consult your attorney for confirmation on this issue.
Related Questions
- Does a contractor hired to remove or replace my residential underground heating oil storage tank have to have any particular license or registration to do this type of work?
- Do I have to remove or replace my residential heating oil underground storage tank by a specific deadline?
- The Seller indicated theres an underground heating oil storage tank. Should I be concerned?
