Under Rhode Island disclosure requirements, what must a seller disclose regarding an underground oil storage tank on the property?
Correct Answer
B) The presence and status of any underground oil storage tank must be disclosed due to potential leak liability
In Rhode Island, the presence and status of underground oil storage tanks is a material fact that must be disclosed by the seller. Many older Rhode Island homes use oil heat, and underground storage tanks pose a significant environmental risk because leaks can cause costly soil and groundwater contamination. Sellers must disclose known information about underground tanks, including whether they are active, abandoned, or removed, on the Rhode Island Seller's Disclosure Form.
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Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
HOA disclosure requires informing buyers about the existence, rules, fees, financial health, and restrictions of a homeowners association governing the property. This information helps buyers understand their obligations before purchase.
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