Or, money may have to be kept in escrow. Sometimes, insurance can be purchased to address some of this risk. The purpose of this article is not to cover every possible resolution to address this issue. The point is to simply red flag the issue so that purchasers make sure that it is fully addressed to the satisfaction of their attorney. On the other hand, and this is also very important, uncertainty about previous buried oil tanks should not kill any deal.
Uncertainties require creative responses by motivated buyers, sellers and their lawyers.
The information provided in this column is written by Stuart Lieberman,a practicing environmental attorney, and is for general information purposes only. It is not legal advice and should not be used in place of legal advice. Stuart Lieberman, Esq., and IRED.Com, Inc. , will not accept any responsibilty for any reliance on the information in this column or any damages whatsoever resulting from reading this column.