Underground Storage Tank- residential

[Zoe]

Just says fuel

If local authorities tells you to do something, make it subject to whatever they tell you. They will tell the buyer and/or seller the same thing they tell you. You have been told it is there. That is all you know. If the local authority says it needs inspected or removed then make it subject to removal or inspection.

 

[jay trotta]

If local authorities tells you to do something, make it subject to whatever they tell you. They will tell the buyer and/or seller the same thing they tell you. You have been told it is there. That is all you know. If the local authority says it needs inspected or removed then make it subject to removal or inspection.

Best advice; (T)

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.

Also, most software packages have an "Environmental Page or 2" that answer "EV" observations/questions that somewhere along the line that they were no longer needed, I add those in when applicable.

 

[Zoe]

Best advice; (T)

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.

Also, most software packages have an "Environmental Page or 2" that answer "EV" observations/questions that somewhere along the line that they were no longer needed, I add those in when applicable.

Yeah, but if local authority tells you this has to be done for this property to transfer, then it has to be done. That is outside of the appraiser's authority. That goes with the real property rights.

You are protecting your client and covering your azz if that occurs. Whom do you think borrower will sue?

 

[KHS445]

Go to this website and type in the address. It may or may not show the existence of an underground residential tank. https://www.mcgi.state.mi.us/environmentalmapper/

I check this website for everyone of my reports. If there is an underground tank and the State is aware of it, chances are there will be additional information regarding size, history of leaks, possible uses, if a BEA has been completed, etc.

 

[Zoe]

You want to make sure you document in appraisal workfile and appraisal everything the local authorities told you.

You are already aware of possible dangers to the buyers. You have explained you are aware of possible dangers to the buyers.

You have made it very clear that you are concerned about the current situation.

 

[Zoe]

Go to this website and type in the address. It may or may not show the existence of an underground residential tank. https://www.mcgi.state.mi.us/environmentalmapper/

I check this website for everyone of my reports. If there is an underground tank and the State is aware of it, chances are there will be additional information regarding size, history of leaks, possible uses, if a BEA has been completed, etc.

Yes. Yes. Yes.

 

[KHS445]

You want to make sure you document in appraisal workfile and appraisal everything the local authorities told you.

You are already aware of possible dangers to the buyers. You have explained you are aware of possible dangers to the buyers.

I have a two page coversheet that is the first document in every file. In addition to file number, name, address, phone #, contact attempts, date ordered, due date, client info, etc. I also include information regarding my checks of current information for things like environmental issues, wetlands status, flood maps, zoning, property tax ID#, millage rate, assessed & taxable values including year, census tract #, previous appraisal number, requested information, notes/special instructions, etc.

 

[Zoe]

We don't even know if this UST is recorded, so local authorities are your best source to bank on.

I hope I am sinking into OP's post so they can CYA.

 

[Zoe]

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.

I understand your post.