Environmental
LUST (Leaking Underground Storage Tank) sites in Oklahoma are significant real estate concerns because:
AThey only affect commercial properties with active gas stations
BThey can contaminate soil and groundwater affecting adjacent properties and requiring costly remediation that may cloud title and reduce value✓ Correct
CThey require automatic demolition of all buildings on the site
DThey only require disclosure when selling commercial property
Explanation
LUST sites can contaminate soil and groundwater that may spread beyond the original site, affecting adjacent properties. They require environmental assessment, cleanup, and may affect financing, insurance, and marketability of the contaminated and nearby properties.
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Key Terms to Know
Comparable Sales (Comps)
Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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