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Closing on property with oil tank leak

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star59

Member
What is the name of your state? NJ

What document would be required to proceed with closing on property with oil tank leak?

My home insurance has committed to cover the cost of water and soil remediation, but that can take 6 more weeks or even longer, and buyer and seller would like to close before the NO FURTHER ACTION letter from DEP is issued, or the completion of the remediation job.

Thanks.
 


BelizeBreeze

Senior Member
Sorry, but if buyer continues on to closing he/she is a fool waiting to part with money.

I can't honestly advise this closing to continue until DEP approves the condition of the land.
 

Ciarraine

Member
You have a potential nightmare on your hands. Either get it resolved before it's your problem, or better yet find another house to buy.
 

BelizeBreeze

Senior Member
Ciarraine said:
You have a potential nightmare on your hands. Either get it resolved before it's your problem, or better yet find another house to buy.
This is either a commercial property or a farm ;)
 

HomeGuru

Senior Member
star59 said:
What is the name of your state? NJ

What document would be required to proceed with closing on property with oil tank leak?

My home insurance has committed to cover the cost of water and soil remediation, but that can take 6 more weeks or even longer, and buyer and seller would like to close before the NO FURTHER ACTION letter from DEP is issued, or the completion of the remediation job.

Thanks.

**A: are you the Buyer or the Seller? Is this a residential or commercial property?
Did the Buyer's lender approve the property?
 

star59

Member
I am the seller of this residential property. Oil tank has been removed from underground, and State Farm has committed to covering the cost of soil and underground remediation. What remains to be done is the actual remediation, awaiting results of waste class sample.
 

star59

Member
Inspection and appraisal of property have been completed in early July, and we are still under contract.
 

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