There are many responsibilities that a buyer and a seller have in a real estate transaction in the state of New Jersey. Of course, the ultimate goal for both a buyer and a seller is to come to an agreement regarding the property so that the seller can move on to a new property journey and the buyer can start a new life in their new home. Just like with any other aspect of a sale, a property buyer and a seller are going to have different perspectives on the presence of an underground oil tank. If the underground oil tank is not remedied by both sides in a joint effort, both sides run the risk of the deal potentially falling through.
Realistically, the seller has a tremendous amount of responsibility when it comes to the presence of an underground oil tank, especially if the seller is aware of the presence of an underground oil tank. The seller must be up front with the buyer if they know that an underground oil tank is on their property. In some cases, the seller of the property may have had the underground oil tank removed from the property years ago. In that case, the buyer can rest assured that any issue with the oil tank was remedied when the tank was removed. However, there are two other situations that may cause a headache for both parties. The first being that the seller of the property only had the underground oil tank filled. In that case, the tank needs to still be tested for any possible contamination leak. The other alternative is that the seller is completely unaware of the fact that there is an underground oil tank on their property which is all the more reason for the property to be evaluated prior to the sale.
The buyer of the property, on the other hand, has the responsibility to ask all of these questions regarding the presence of an underground oil tank. A buyer needs to understand the impact that an underground oil tank can have on the property that they are about to purchase. If an underground oil tank is not located prior to the completion of the sale, the odds are that the buyer may be stuck with the consequences of the oil tank including removal and possible remediation. It is vital that a buyer requests that the seller provide the buyer with proof that an underground oil tank has been removed and that there is no soil contamination. Only then can it be guaranteed that there is no environmental hazard on the property.
The Entech Group, Inc. has experience with working with property buyers and sellers throughout New Jersey. We are able to provide a variety of services including underground oil tank location, removal and remediation (if required). The Entech Group, Inc. understands that both sides of a property sale are looking for the easiest and less expensive form of services possible and we will work with you to ensure that we are able to provide that service for you. Please call our office today at 800-571-8661 to discuss your property or visit our website at www.entechgroupinc.com to find out more about underground oil tanks.