Abestos and possible oil tank.

That’s what we did with our sale: money in escrow. Worked like a charm – they took care of the problem and got their money and we got the property in good order and issue free.

Guest User | 6 years ago

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dindy | 7 years and 1 month ago

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Can someone suggest a company to inspect and take care of asbestos and possible oil tank in back yard of property I may purchase. Is this cost usually paid by the seller ?

Guest User | 7 years and 1 month ago

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It’s a seller’s market right now in NYC, you could request that the oil and asbestos is covered by the seller but I doubt they will take care of it unless your bid is high and they don’t want to lose your offer. You can take possible asbestos samples yourself but the owner will have to agree for you to take them. However, during the inspection I was able to take some crumbling plaster samples without going noticed. 1 of the 3 samples I took tested positive. It costs $10 per sf to remove asbestos so we will probaby encapsulate it.

NeoGrec | 7 years and 1 month ago

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As annoying as you might find it to foot the bill for these projects, it’s probably better that you do. Both are obviously pretty toxic materials so the last thing you would want is for the seller to hire some cowboys to do it on the cheap and leave you to face the consequences.

dindy | 7 years ago

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a loan manager at a bank I just went to said it had to be taken care of before the contract was signed and that the expense was usually paid for by the seller, but could be negotiated by the lawyers . The house has been expected, asbestos is there and a cap that looks like it is for an oil tank is visible in the concrete of the back yard.
I appreciate your advice and would want to make sure it is well done.

patrickburnsjr | 7 years ago

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dindy 9d, see attach for Asbestis Inspectior [CC525FF2-B3EE-4560-8DC0-466A11803214](//muut.com/u/brownstoner/s2/:brownstoner:txHt:cc525ff2b3ee45608dc0466a11803214.jpeg.jpg) [CEE18458-EE61-4D75-A08D-DC825D28E195](//muut.com/u/brownstoner/s1/:brownstoner:0FYs:cee18458ee614d75a08ddc825d28e195.jpeg.jpg)

murph | 7 years ago

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Talk to the agent. This property isn’t ready for market. It has violations. They must be addressed before any viewing or honest sale.

helen40

in General Discussion 7 years ago

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If there are open violations on the property, the bank may require them to be cleared before they close. But the OP does not say there are violations. Only that the conditions exist. And most old houses in NYC have asbestos and lead paint; many have abandoned oil tanks, too. But that doesn’t prevent the sale.

There are lots of inspectors who can check for asbestos, and plenty of contractors who will legally remove the asbestos and oil tank, and make the proper filings, too.

We had a relatively minor sidewalk violation before we closed, and we insisted that the seller clear before we bought. But that was a buyers market, and as @ re_mcdowellespinosa says, its a seller’s market now and its unlikely that the seller will agree to being responsible.

murph | 7 years ago

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So the seller is looking for a cash buyer.

The buyer still may get slammed for violations and orders to remediate under a tight time frame that are called in by neighbors who the present owner ignored.

dindy | 6 years ago

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I am puzzled – the inspector made very clear that the tank and asbestos should be taken care of before sale and was the seller’s responsibility.
I agree with wanting it done right and am thinking money could be put in escrow and the removal terms be put in the contract.