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I am considering buying a house with an underground oil tank. I understand there are many potential issues with contamination and I want to have the tank removed by the sellers as a contingency for my purchase. Both agents are acting like I shouldn't be so worried since the tank was "certified" two years ago and has "insurance". I actually think the insurance is a tank protection plan and has limits for how much it pays. Both agents are acting like everyone in Westchester buys houses with UTS and deals with it themselves. Any experiences with this? Can any realtors tell me if this is customary for buyers to be the ones to deal with the tank removal?
we had one on the house we bought. An environmental company filled it so it could not be contaminated anymore and we got some sort of certification that it was ok. I think the cost for remdiation was about 2500.I think it costs a lot more to remove it
in this market, if you want something, then you should get it. FORGET what the agents say, they are still operating as if it was a sellers market. Also, don't let the agent tell you can do the removal and they will lower the asking price. Make sure they either remove it themselves or give you cash back from the purchase to do it!
Thanks for the feedback. I'm feeling like this is going to be non-negotiable to me. I want them to assume the risk for the oil tank...I didn't put it in there, they did.
We have one. When we bought the house the existing tank was tested as part of the whole inspection process and it failed (there wasn't a leak, but it was not up to code). The then owners had it removed and put in a new one. The DEC inspected it (we're in the watershed) and it was approved. We thought about having it replaced with an above ground one, but after lots of research we determined that as long as they're recent and up to code the in-ground ones are very safe. And I have to say that where we live just about everyone has one. Personally I wouldn't worry as long as it passes inspection.
PS. I forget to say that you should be talking to your real estate lawyer about this, not your agent. A lawyer should be able to tell you what the standard practices are regarding in-ground tanks and what the appropriate certification and insurance is. Our insurance for the tank is quite good. As I said before I really wouldn't worry about an in-ground tank--but your lawyer needs to make sure that the insurance and certification are appropriate and all that you need. Don't listen to the agents--or to random people who post on boards!
You are also going to have a problem obtaining homeowners insurance. I only deal with about 3 out of 15 that write a home policy for a house with an underground tank.
You are also going to have a problem obtaining homeowners insurance. I only deal with about 3 out of 15 that write a home policy for a house with an underground tank.
What's your basis for this statement? I've never heard a peep from my insurance about it. Nor has anybody I know with an underground tank, including all my neighbors.
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