Seller Wants to Sell Me His Oil
About to close on a house. The seller wants me to buy his oil. My attorney says that this is a normal expectation when buying/selling a house. My question is – what rate should be used – the current going rate or the rate from the date of the sale? The reason I ask is…
About to close on a house. The seller wants me to buy his oil. My attorney says that this is a normal expectation when buying/selling a house. My question is – what rate should be used – the current going rate or the rate from the date of the sale? The reason I ask is that the tank was filled as an “emergency repair” through HPD and the total paid is viewable online. Seems like a simple answer, but I want to be forearmed. Tanks.
Everything is negotiable. If they sell it back to the oil company, they’d get today’s rate for it.
pay today’s rate for the oil.
Standard Oil, anyone? OK, ok…
If you’re concerned that there is a significant difference btwn rate paid and rate you think
you will pay, speak with your closing attorney.
Quite normal practice; btw.
In my experience, the lawyer is the one to calculate the numbers. You just worry about bringing your checkbook to closing.
Also, if you’ve never owned a building heated with oil before, ask the supplier for a futures contract for the winter to lock in a price. It’s usually a smart thing to do . Only in 2008 did it backfire.
This is a standard procedure at a closing, usually at the current rate.