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?
Correct Answer
B) The site has confirmed contamination that poses a significant threat to public health or environment
A Class 2 site on New York's Registry of Inactive Hazardous Waste Sites indicates that contamination has been confirmed and poses a significant threat to public health or the environment. This classification means the site requires remediation, though the timeline may vary based on risk levels and available resources.
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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?
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