Heating Oil Tanks – New Laws and its effects on Real Estate

To all NC Real Estate Agents;   As of October 1, 2015, North Carolina Laws pertaining to Non-Commercial Home Heating Oil Tanks have changed and the Non-Commercial LPUST Cleanup Funds (aka Trust Fund) have been eliminated.   It is no longer necessary in many cases to remove petroleum contaminated soil and groundwater from a property to achieve a Notice of No Further Action (NFA); however, in order to achieve an NFA status for these incidents without cleanup, land use restrictions will be placed on the deed of the property. Cohesion...

January 2012, Newsletter

To all our Real Estate Agent friends; If you are active in real estate, you will potentially run into a heating oil tank situation.  A large percentage of older homes were at one time heated with fuel oil.  Heating oil tanks bring many questions and uncertainties, which can deter buyers from purchasing a property.  However, proper education will enable buyers to better understand the potential liabilities and how they can be safely addressed.  Hiding or downplaying the potential liabilities of tanks will only increase your potential...

September, 2011 Newsletter to agents

To all agents representing buyers; Cohesion, Inc. has helped real estate agents and their clients to deal with home heating oil tank issues since 1998. We are committed to continue improving our services to you, and yours to your clients. We have upgraded our website at cohesion-inc.com/residential. Please take a chance to look at the website and feel free to give us feedback on how we can improve it or how much you can benefit from it. An important addition to the website you can greatly benefit from is the Acknowledgement of Liabilities form...

Due Diligence

Real Estate: Environmental Liabilities & Assessments (Phase I & II) Many commercial properties carry environmental liabilities. Once you buy the property, you own the liability. There are ways to prevent or minimize buying these liabilities. A thorough investigation of the property by a professional can identify and quantify possible liabilities. Furthermore, a property owner has a second layer of protection through the Innocent Land Owner Act against unidentifiable liabilities as long as one can prove a thorough investigation was...

Innocent Land Owner Act

Phase I Environmental Site Assessment This practice (Phase I Environmental Site Assessment) is to identify recognized environmental conditions i.e. the presence or likely presence of any hazardous substances or petroleum products on a property under conditions that indicate an existing release, a past release or a material threat of a release of any hazardous substances or petroleum products into structures on the property or into the ground, groundwater, or surface water of the property. This includes hazardous substances of petroleum...

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