Who Pays For Oil In The Tank

[BELMONA]

Who Pays For Oil In The Tank At Settlment? Pa

[Some Random Guy]

Depends on what the contract says. If it doesn't say, and the parties cannot come to an agreement, then the sellers are free to take the oil with them.

[nextwife]

IT is handled in accordance with the language in the purchase contract.

The easiest way is to top the tank shortly before closing and collect a full tank's worth at the current per gallon rate from the buyer. The new bill from the oil company can be paid as a disbursement at closing. I say that is easiest because otherwise you have to try to calculate how much oil really remains in the tank.

But the buyer normally pays the seller for the oil they are getting at closing in the tank.

[HUD-1]

yes, customarily there is an adjustment in favor of the seller. For example, the tank is 275 gallons, the gauge reads half full, the going rate is $2.50 per gallon..the attorney does the math and gives the seller a credit of $343.75.....

[HomeGuru]

and hopefully the attorney is good in math....

[nextwife]

Originally Posted by HomeGuru

and hopefully the attorney is good in math....

Gosh, I remember when I started in RE, and all the closing statements were hand typed and calculated (instead of being done on closing software with laser printers). If the closing got moved backward or forward one day, every proration needed to be recalculated manually and a new closing statement typed from scratch! Shifting a closing one day, if the docs had been done, would create a major headache.

[HomeGuru]

Originally Posted by nextwife

Gosh, I remember when I started in RE, and all the closing statements were hand typed and calculated (instead of being done on closing software with laser printers). If the closing got moved backward or forward one day, every proration needed to be recalculated manually and a new closing statement typed from scratch! Shifting a closing one day, if the docs had been done, would create a major headache.

**A: I remember when I started, the sales contract was only 2 pages long.

[nextwife]

Originally Posted by HomeGuru

and hopefully the attorney is good in math....

And Counter offers, Title Commitments, etc. all were hand delivered because nobody had fax machines. And there was no Fed Ex, so a good weeks worth of per diem got added to any payoff going out by mail.

[HomeGuru]

Originally Posted by nextwife

And Counter offers, Title Commitments, etc. all were hand delivered because nobody had fax machines. And there was no Fed Ex, so a good weeks worth of per diem got added to any payoff going out by mail.

**A: in my day, our Fed Ex was Pony Express.

[nextwife]

Originally Posted by HomeGuru

**A: in my day, our Fed Ex was Pony Express.

LOL! WE took clients to the Chariot Races!

[Gadfly]

With electric heat it's sooo much easier.

[nextwife]

Originally Posted by Gadfly

With electric heat it's sooo much easier.

That is, until you look at the electric bill.

[HomeGuru]

Originally Posted by nextwife

That is, until you look at the electric bill.

**A: yeah shockingly huge.