Environmental
In New York, a seller of a residential property with a known underground oil tank must:
ASimply disclose it on the property condition disclosure statement
BDisclose it on the property condition disclosure statement and may need to address environmental remediation requirements✓ Correct
CRemove it only if the buyer requests
DDo nothing unless a leak has been confirmed
Explanation
Known underground storage tanks and any associated contamination must be disclosed. Depending on the age and status of the tank, applicable DEC regulations may require testing, decommissioning, or remediation as part of the property transfer process.
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