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Old 04-30-2014, 04:38 PM
 
1 posts, read 1,010 times
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Hello,

We found a house to purchase in Scarsdale and it has an active underground oil tank (uninsured). This morning, the tank was tested and it failed. The seller agreed to have the oil tank removed and the soiled remediated before the closing. We are supposed to sign the contract next week. Since the house is currently tenant-occupied, I believe that the tank will be removed end of June, when the tenant will vacate. We need to be in the house early September the latest, for schooling reasons. Is this a reasonable deadline? Has anyone heard of closings getting delayed because of oil tank problems? Also, what would be a reasonable amount to put in escrow? We are purchasing cash. Our real estate attorney is away this week and I thought I would post as the situation is making me a bit nervous.

Thank you,

Renate
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Old 04-30-2014, 05:21 PM
 
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I can't answer your question, but be happy that it failed. It sounds as if it had passed, you would have bought the house with the tank in the ground.

These days, you do not want an underground storage tank because you never know if or when it will leak. And the environmental extremists treat a little heating oil in your soil as the equivalent of nuclear waste.
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Old 04-30-2014, 06:29 PM
 
Location: Yorktown Heights NY
1,316 posts, read 4,786,856 times
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Quote:
Originally Posted by rubygreta View Post
These days, you do not want an underground storage tank because you never know if or when it will leak. And the environmental extremists treat a little heating oil in your soil as the equivalent of nuclear waste.
Not true. As long as the underground tank is less than 25 years old and meets current New York safety requirements, it is nothing to worry about. Underground tanks are used in much new construction in upper Westchester and are extremely common. The problems occur in the old outdated tanks, which are a serous hazard and which you certainly don't want to deal with.
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