When you sell your house and get ready to buy a new one, heating oil might not be the first thing on your mind. Whether it’s how many bedrooms you need in the new house, what type of windows you have, or whether you need to put in a new roof before the house will sell… you have a lot of very important decisions to think about and consider.
So, your heating oil tank and how full it is might not be at the top of the list. But we’re here to tell you that it needs to be on the list.
Do Buyers Have to Pay For Oil Left in the Tank?
The question of whether you can demand that the new owners pay for leftover oil in your tank is best left to realtors. But it is something you should discuss with them early in the process and have a plan for how to handle it once the offers start coming in.
Depending on the size of the tank and the daily price of oil, leaving behind oil in your tank can be an expensive gift to the people who just bought your house. Just 50 gallons left in the tank means a loss of at least $200 and probably much more. So, how do you handle it when you are selling a house with an oil tank and oil in it?
In some states (like Pennsylvania), the oil in the tank is simply considered part of the sale. If you had it filled recently before closing, you just gave the new owners a lovely housewarming present. But that’s not the law in New York.
Who Pays For Oil Left in the Tank at Closing?
In New York, the standard form contract for buying a property requires the buyer to reimburse the seller for any oil left in the tank. But there are some things that you as the seller must do… primarily, you must get a final tank reading. That tank measurement is then part of the sale documents and something that you can get reimbursed for.
In fact, the law says that the buyer pays for the amount of oil in the tank at the current day’s prices. So, as an example, if you filled up the tank in the summer when oil prices were low and then sold later in the year when prices were higher, you could even make a small profit when you submit the final oil reading.
Of course, you will want to get the reading as close to the time of closing as possible, so do not wait until the last minute to schedule your tank measurement. Add it now to the checklist of things to do as you are getting the last of your belongings out of the old house. When you book your tank measurement with us here at Tragar, you can be certain that we will get you an accurate reading and can even tell you what the price of oil is that day.
Tragar Provides Full Service, Including Final Tank Readings
Don’t let a lack of knowledge cost you hundreds or even thousands of dollars. If you are in the process of selling your home and moving, the team at Tragar Home Services can get you an accurate final tank measurement so you don’t lose out. As soon as you start looking at that final offer, call or contact us online to get your tank measurement planned and check that off your to do list.
