Oil Tank Leak Please Advice | Seller don't have Money (attorney, house)

[JesusJosephUS]

Going to buy a house in Bergen county and the closing date was set as Nov 1.
After inspection oil tank found.

Now the soil test come as condamination in the soil and the oil tank company ask for 9000$ to make it perfect.

Seller has no money and planning to ask the company to get it after the closing date. The seller is a very old person.

Is it normal, any idea whether any company will accept this and get the money after closing. The current closing date is change from Nov 1 to Nov 15 (were my rate lock ends)

From the Realtor I know that they are planing to remove the tank by next week if the company accept the offer as getting the money at the closing time.

any suggestions and advice.

My Questions

Is is possible to close on Nov 15?

[TonyStarksNJ]

under no circumstances should you buy that house until everything has been cleared and certified as removed and cleaned by the DEP or whatever entity is in charge of that sort of thing.

[manderly6]

Just walk away. Like so many people have already told you. They haven't even removed the tank yet. Then they have to test the soil again. And it could be even worse.

[HalfFull]

You will not close Nov. 15. At least you should NOT close. You need to have the clean up completed and No Further Action letter issues.

[JesusJosephUS]

Thanks for your answers.

Yes I will not close until I get the NFA letter.
The same was told by my attorney. He told that he removed a under ground oil tank from his house and he know the rules to close the case. He told that I will get the NFA letter before the closing.

I will update when I get an update.

Thanks

[JesusJosephUS]

Originally Posted by TonyStarksNJ

under no circumstances should you buy that house until everything has been cleared and certified as removed and cleaned by the DEP or whatever entity is in charge of that sort of thing.

Yes I will make sure that I will get the NFA before closing.Thanks

[JesusJosephUS]

Originally Posted by manderly6

Just walk away. Like so many people have already told you. They haven't even removed the tank yet. Then they have to test the soil again. And it could be even worse.

I think I can't just walk away because I already deposit around 29000$ as initial deposit. If I just walk away I will loose everything, but if there is a big issue in the soil contamination and the cost is more then 10,000$ then I can walk away. I think I need to wait for them to remove the oil tank and he soil test.

Or i can walk away if they are not removing the oil tank

AM I CORRECT?

[manderly6]

If you can't walk away from this and get your deposit back with these problems your attorney is horrible. But you should check with him.

[JesusJosephUS]

Originally Posted by manderly6

If you can't walk away from this and get your deposit back with these problems your attorney is horrible. But you should check with him.

No I didn't say that my attorney told me its not possible.
If I ask then he will do it.

But can you please answer for this question. If the tank is removed, and then take the soil and it comes good and then we get the NFA letter. Did you think that there will be any other problem in this house.

Can you please answer for this question

Thanks
Joseph

[joe moving]

You should be able to get all of your money back. This should fall under the inspection clause.