Underground Storage Tank- residential

[Sunny99]

Hi All and thank you for reading. Seller's disclosure notes UST on property but not in use for years. What is warranted in appraisal for this beside verbiage noting it? Does there need to be an inspection/ proper abandonment and appraisal made subject to? There was no observed evidence of leakage..
Please help..
Note this is a conventional purchase.

 

[jay trotta]

IMO- is there a well on sight ? I would also check with the local Fire Dept and see what they have on file, as the question should be; what keeps it in place?

Years back there was some area's here for residential that required removal, just because they were there. Small lots, close proximity to neighbors etc. - here it boils down to local municipality and how they view the problem (PZC & Health Depts.) or potential problem.

 

[Sunny99]

IMO- is there a well on sight ? I would also check with the local Fire Dept and see what they have on file, as the question should be; what keeps it in place?

Years back there was some area's here for residential that required removal, just because they were there. Small lots, close proximity to neighbors etc. - here it boils down to local municipality and how they view the problem (PZC & Health Depts.) or potential problem.

Thank you..there is a well. I will call the township when they open to gain insight.

 

[Sunny99]

I should add, lender has communicated they would expect this to be noted although AS IS vs subject to . The liability and responsibility of recommendation lies with the appraiser..correct?

 

[Tom D]

your noting it is to be protected from a now happy buyer, to a future angry owner law suit. as is doesn't protect you from 'he should have known there was a problem', lawsuit.
if that is a concern you protect yourself however you need to.

 

[Terrel L. Shields]

The liability and responsibility of recommendation lies with the appraiser..correct?

There is no need to do more than disclose the issue and make the rather ordinary (or extraordinary) assumption that you assume it is not a LUST (leaking UST), you are not an expert in USTs, and that if the lender wishes to explore further, to do so.

No environmental impact studies were either requested or made in conjunction with this appraisal,​

and we reserve the right to revise or rescind any of the value opinions based upon any subsequent​

environmental impact studies. "Unless otherwise stated in this report, the existence of hazardous​

materials which may or may not be present on the property was not observed by the appraiser. No​

responsibility is assumed for any such conditions or any expertise or engineering knowledge required​

to discover them." The client is urged to retain an expert if desired.​

 

[Mark K]

Small Residential or Ag UST's (under 1,100 gallons; most residential are 275 gal.) are not subject to Federal oversight or rules. Your state may have some but residential use is likely exempted, except in the communist states.

I've seen cases where the lender required removal or the buyer/seller negotiated the removal but your liability extends only to proper disclosures and disclaimers.

 

[Fernando]

I don't know much abut UST but in San Francisco, every purchase require UST to be taken out of property.
Should check with local ordinance for USTs.

 

[Dublin ohio]

Oil or LPG

 

[Sunny99]

Oil or LPG

Just says fuel