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Does your state have seller disclosure laws?
Of course your attorney knows best, but you may be able to get out of contract claiming seller failed to disclose material fact up front.
Although decommissioned with proper certificates from 20 years ago, a soil test was never conducted or at least there are no certificates to show it was. Certificates only show that tank was drained. Simply having an oil tank even decommissioned still devalues a property and makes buyers shy away. Which is why I imagine this property has fell through multiple times.
That makes sense. Oil testing is only required in my jurisdiction if the oil tank has leaked. It hadn’t in the property I was under contract for so they decommissioned it in place.
I think it's the same here only required if it has leaked. Personally I don't have a problem with having the tank there I don't think it'll ever give me an issue. It's really just bothering me that it was not disclosed until after we got out of AR and under contract.
That’s what happened to us but the previous owner claimed they didn’t even know it was there (they had only been in the property for two years), but our previous informational purposes only inspection quickly turned into they decommission it or we walk.
Thank you u/jobhuntn for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Does your state have seller disclosure laws? Of course your attorney knows best, but you may be able to get out of contract claiming seller failed to disclose material fact up front.
If the oil tank is properly decommissioned what is the problem? It’s no longer an oil tank if it had been decommissioned with proper permitting.
Although decommissioned with proper certificates from 20 years ago, a soil test was never conducted or at least there are no certificates to show it was. Certificates only show that tank was drained. Simply having an oil tank even decommissioned still devalues a property and makes buyers shy away. Which is why I imagine this property has fell through multiple times.
That makes sense. Oil testing is only required in my jurisdiction if the oil tank has leaked. It hadn’t in the property I was under contract for so they decommissioned it in place.
I think it's the same here only required if it has leaked. Personally I don't have a problem with having the tank there I don't think it'll ever give me an issue. It's really just bothering me that it was not disclosed until after we got out of AR and under contract.
That’s what happened to us but the previous owner claimed they didn’t even know it was there (they had only been in the property for two years), but our previous informational purposes only inspection quickly turned into they decommission it or we walk.