Environmental
Under New York law, an 'underground storage tank' (UST) containing petroleum products on a residential property must be disclosed:
AOnly if it is leaking
BOn the Property Condition Disclosure Statement if the seller has knowledge of it✓ Correct
COnly to commercial buyers
DOnly if installed after 1980
Explanation
New York's Property Condition Disclosure Statement requires sellers to disclose known underground storage tanks on the property. USTs can be a significant environmental liability (leaking USTs may require costly remediation), so disclosure is critical for prospective buyers.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
State-Specific Concepts
Disclosure Requirements
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