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Oil Tank Clauses: Contract for Real Property

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

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FAQ

A residential fuel oil tank is generally 275 gallons. Some homes have two tanks, which are piped together to provide double the storage. Less common sizes, like 225 or 330 gallons, are also available.

There is currently no regulation prohibiting anyone from selling or buying a home with an underground oil tank in NJ. The fact of the matter is homes with underground oil tanks are less likely to sell as quickly as those with above-ground tanks or gas.

Petroleum Vapor Intrusion Petroleum vapors from leaking underground storage tanks have the potential to enter buildings, where they might pose a risk to the health of occupants. This problem is called Petroleum Vapor Intrusion (PVI).

Erosion And Scour Floodwater can erode the soil and backfill material or scour the soil that surrounds an UST system. Loss of the surrounding soil and scour may expose the UST system to damage, for example buckling and detached piping, that could lead to a release of product into the environment.

The greatest potential hazard from a leaking UST is that its contents (petroleum or other hazardous substances) can seep into the soil and contaminate ground water, the source of drinking water for nearly half of all Americans.

Oil tanks with a capacity of 3,500 litres or less should be fitted at least 1.8 metres from non-fire rated walls or from flu outlets.

Hazardous material storage tanks (active or inactive) must be properly managed due to their potential risk to human health and the environment. Spills or leaks may result in soil, water, or air contamination, fire or explosion, or chemical exposure. In addition, some tanks present a confined space hazard.

Determine whether existing tanks have leaks If underground storage tanks are found on your desired commercial property it does not necessarily mean you shouldn't buy the property. The main concern is whether the tank is leaking. If the tank is a newer double-walled model then the ESA will likely uncover leaks.

More info

Real answers from licensed attorneys. Sellers state they will be removing tank and remediating.(1) Mortgage Issues! Most Mortgage Lenders won't lend on a home unless the tank has been removed. (1) Mortgage Issues! Most Mortgage Lenders won't lend on a home unless the tank has been removed. No representation is made that this fonn of contract for the sale and purchase of real estate complies \'lith Section 5-702 of the General. If you're considering a property with an underground oil tank, you may need to focus on one of the few insurers that will cover them. Contract Concerning. Page of 11 11-10-2020.

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