Oil Tank Clauses: Contract for Real Property

• Category: Contracts - Clauses
• State: Multi-State
• Control #: US-C-CL-600-1
• Format: Word; Rich Text

Description

A clause dictates the conditions under which the contract is legally enforceable and determines the terms of the contract. Contracts often contain boilerplate clauses or standard clauses found across most contracts. These standard clauses do not require a lot of negotiation. Included is a Sample Oil Tank Clauses for a Contract for Real Property. Oil tanks are underground. A normal inspection might not uncover the tank. Oil Tank Clauses: Contract for Real Property are specific clauses that can be used in real estate contracts that provide protection from liability for environmental damage caused by the existence or use of an underground oil tank. These clauses address issues related to the cost of remediation, insurance, and other factors associated with underground oil tanks. Types of Oil Tank Clauses: Contract for Real Property include: 1. Indemnification Clause: This clause outlines the responsibility of the seller or owner of the property for any costs associated with environmental damage caused by an underground oil tank. 2. Insurance Clause: This clause states that the owner or seller of the property must maintain adequate insurance coverage for any costs related to environmental damage caused by an underground oil tank. 3. Release Clause: This clause outlines the release of potential liability for environmental damage caused by an underground oil tank. 4. Inspection Clause: This clause outlines the responsibility of the seller or owner of the property to provide an inspection of the underground oil tank to determine its condition and any potential risks associated with it. 5. Disclosure Clause: This clause outlines the responsibility of the seller or owner of the property to disclose all known information related to the underground oil tank, including its condition, use, and any potential risks associated with it.

Oil Tank Clauses: Contract for Real Property are specific clauses that can be used in real estate contracts that provide protection from liability for environmental damage caused by the existence or use of an underground oil tank. These clauses address issues related to the cost of remediation, insurance, and other factors associated with underground oil tanks. Types of Oil Tank Clauses: Contract for Real Property include: 1. Indemnification Clause: This clause outlines the responsibility of the seller or owner of the property for any costs associated with environmental damage caused by an underground oil tank. 2. Insurance Clause: This clause states that the owner or seller of the property must maintain adequate insurance coverage for any costs related to environmental damage caused by an underground oil tank. 3. Release Clause: This clause outlines the release of potential liability for environmental damage caused by an underground oil tank. 4. Inspection Clause: This clause outlines the responsibility of the seller or owner of the property to provide an inspection of the underground oil tank to determine its condition and any potential risks associated with it. 5. Disclosure Clause: This clause outlines the responsibility of the seller or owner of the property to disclose all known information related to the underground oil tank, including its condition, use, and any potential risks associated with it.