A New York seller's property has a heating oil tank in the basement that was installed in 1995 and is still in active use. The seller has maintained the tank and it shows no signs of leakage. What disclosure obligations exist regarding this tank?
Correct Answer
D) Must disclose the presence of the oil tank and recommend buyer inspection
The presence of heating oil tanks, even those in good condition, must be disclosed as they represent potential environmental liability. Oil tanks can develop leaks over time, and buyers have a right to know about their presence so they can make informed decisions about inspection, insurance, and future replacement costs.
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Under New York environmental disclosure requirements, real estate agents must disclose all of the following environmental conditions EXCEPT:
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A New York commercial property buyer discovers that the property they want to purchase is listed on the New York State Registry of Inactive Hazardous Waste Sites as a Class 2 site. The listing indicates the site has been investigated but not yet remediated. What does this classification mean for the buyer?