What are our rights regarding a leaking oil tank in a home that we bought?

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What are our rights regarding a leaking oil tank in a home that we bought?

Do I have a case against previous homeowner and oil company? I bought my home 2 years ago and now that I’m selling it I decided to remove the rust on the tank and hve found that it was leaking for years. There was an insurance policy on the tank, that the previous owner had not informed us was up for renewal. The oil company kept putting oil into a leaking tank. Do we have any legal recourse? I bought the house at an “as is” auction.

Asked on July 14, 2012 under Real Estate Law, New Jersey

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

You need to speak with an attorney in your area as soon as you can.  He or she needs to read the "as is" document and if there is a seller's disclosure document that came with it.  If there was fraud or mosrelresetntation or negligence even I think you may have a basis for an action.  And look at abatement asap.  Good luck.


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