Environmental
NJ homeowners with oil tanks (underground or aboveground) should be aware that:
ATank age alone determines the need for disclosure
BLeaking oil tanks are a significant liability requiring DEP notification, cleanup, and disclosure on the seller's disclosure form✓ Correct
COil tanks never require environmental testing
DOnly buyers of commercial properties need to investigate oil tanks
Explanation
Oil tank leaks in NJ must be reported to the DEP, and remediation is required. Sellers must disclose known tank conditions on the Seller's Disclosure Notice.
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