Environmental
In NJ, a seller who recently discovered and remediated an old heating oil spill on their property should:
ANot disclose it since it has been remediated
BDisclose the prior spill and provide the DEP closure documentation to the buyer as part of due diligence✓ Correct
COnly disclose if asked by the buyer directly
DWait five years after remediation before disclosure is required
Explanation
Even after remediation, a prior environmental condition is a material fact that must be disclosed. Sellers should provide buyers with DEP closure letters, No Further Action letters, or equivalent documentation showing the remediation was properly completed.
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