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We've offered a novel solution, and the contractor is drafting it. We are willing to eat the cost for removal and testing ONLY IF the removal is successful and tests come back clean. Basically, if we can buy a guarantee of zero liability, we will do so.
Is that nuts?
No you're not nuts! If you are willing to eat the cost - then that's the best for both parties! Did you at least try a cost share option? 50/50? Before you agree in writing, get some proposals from a few contractors... not just the one who did the initial work.
We put a $5k cap on it, and only if it goes well. Oh, and I *meant* that the *lawyer* is drafting it. Not the contractor!
$5K is more than enough! Who will be responsible for restoration? Carpet, etc. replacement? Make sure you address that issue - don't want to be stuck paying to put it back together if they find a problem. Also, make sure whoever does it, refiles for a new permit! You want this documented down the road that it was removed not left in place if you ever sell.
Restoring the basement (concrete floor) is a good question. I'll ensure that everything be covered. Our realtor (buyer side) thinks removal of the tank would be impossible without putting the structure of the house at risk. I wonder if that's a real concern.
Restoring the basement (concrete floor) is a good question. I'll ensure that everything be covered. Our realtor (buyer side) thinks removal of the tank would be impossible without putting the structure of the house at risk. I wonder if that's a real concern.
It shouldn't be a concern. Depends on where the tank is located. You can typically expose up to a 5-foot section along the foundation footing before you will have to worry about structural issues. I would sugest that the contractor use slurry to fill the void. They can pump it in and it will set nicely with the concrete floor level plus you won't have to worry about settling issues down the road. Slurry will be a bit more than "huffing" in buckets of stone but you want to make sure it's done right!
We've offered a novel solution, and the contractor is drafting it. We are willing to eat the cost for removal and testing ONLY IF the removal is successful and tests come back clean. Basically, if we can buy a guarantee of zero liability, we will do so.
Is that nuts?
yes it is nuts!
it is the the sellers obligation to deliver the home with zero defects, and you should have ZERO exposure to any liabilities from that oil tank. In this market with so many other homes on the market you need to RUN from this house.
You sound like you are emotionally attached to this house and that is a very poor frame of mind to be in when negotiating the terms of any purchase. You need to detach your emotional sentiments or it could cost you dearly.
First let me say; welcome to Maplewood, you will love it here!
I agree completely with CuCullin; make sure you get a certificate of decommission. Without it, the cost of removal etc is enormous.
The cost of removing a tank is $1500, if there is grass there that needs to be replaced. I know State Farm won't insure a home with an underground oil tanke in place no mater what certificates it has.
The cost of removing a tank is $1500, if there is grass there that needs to be replaced. I know State Farm won't insure a home with an underground oil tanke in place no mater what certificates it has.
Diane G
Diane... do you work for State Farm? I thought your name looked familiar and maybe that's why. I use to do alot of work for / with them. Great company!!! I am a State Farm insured because I see how well they treat their customers : )
Restoring the basement (concrete floor) is a good question. I'll ensure that everything be covered. Our realtor (buyer side) thinks removal of the tank would be impossible without putting the structure of the house at risk. I wonder if that's a real concern.
Do not buy this house, you will get only grief. Don't buy anything with a tank in place. My neighbor had theirs empied and it had already leaked. Lots of Insurance companies won't even insure a house unless its removed. I know State Farm won't.
A house is only ok to buy if tank was removed and the seller has all the right papers. I've personally lived thru this.
When I bought here I said if house has oil heat, I won't buy it.
Diane G
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