Agency
A Connecticut seller's agent is aware that the property has an underground oil tank that was removed 5 years ago, but the seller did not remediate the site. This is a material fact because:
AAll underground tanks must be disclosed regardless of age
BA former oil tank site may have residual soil contamination that could affect the property's value, use, and future cost to remediate✓ Correct
COnly current tanks are material facts
DThe seller remediated it when they removed the tank
Explanation
A former underground oil tank is a material fact because removal of the tank does not necessarily mean the site is clean. If no remediation was performed, residual petroleum contamination may be present in the soil and groundwater, affecting the property's value and creating potential cleanup liability.
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