The house that we have a bid on has an underground oil tank, our inspector told us that it will have to be capped and that we will have to have an above ground tank put in(my parents just had to do this). Does anyone know if that is the sellers responsibility or is it the buyers?!?!?! Do you think that we could get that put into our contract? Thanks!
btrflygrl
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Re: Question about underground oil tanks?
you could probably go either way...if you choose to do it yourself, ask for $$ off the value of the home (kind of like Hey! this is the only shirt left and it has a pull in it...can you give me a discount??) Otherwise you could put it in your contract to have the seller do it...I do believe there might have been a law passed and if your seller was not in compliance, it really is their responsibility
Anne01
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Re: Question about underground oil tanks?
Definitely ask your attorney to make a place for this in your contract. If the seller won't replace, maybe you can re-negotiable sales price based upon the price of this repair.
Charly
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Re: Question about underground oil tanks?
We had the sellers do it. Basically, if there is any soil contamination from the existing tank it is very expensive to fix. We insisted on the sellers doing it. The lawyers agreed and they did it. Keep that paper work for when you sell the house.
Valentinegirl
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Re: Question about underground oil tanks?
I would talk to your attorney. Maybe the seller will lower the home price or do it before you move in. Ours is already above ground but if it wasn't we would have asked the seller to do it. Good luck.
DjPiLL
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Re: Question about underground oil tanks?
Your best bet would be to have the seller cut you a check at closing for this repair. This is better than having them just lower the price of the home cause you get the cash up front (not $5 buks off your mortgage which is more or less useless).
Then you can do the work yourself and make sure it GETS DONE RIGHT. If you go this route, make sure the attorneys are in agreement over this.
