Seller refuses to pay for more soil testing (NJ Real estate)? related questions

Asked by
Seller refuses to pay for more soil testing (NJ Real estate)?0lulz2012-07-10 04:54:24
In NJ, we passed every hurdle with trying to buy this house. The last hurdle turned out to be potential deal breaker. The seller's realtor said there was no oil tank, but they had no documentation to that claim. We called Lawe's (oil svc), they said they had an account with the house but never delivered oil (other houses in the area have/had tanks). We paid for an oil tank sweep and it came back negative. Apparently, the tank was taken out when an addition was built on (20+ yrs ago). It was recommended we do a soil test. We did and it came back at 4900. Apparently at 5100 it would need remedation. but anything between 1000 - 5000 needs further testing per NJDEP (and will be reported). The additional test will cost ~$5000. We certainly aren't paying for it, but the seller had declined to pay for it as well. Are they required by NJ Law to do the additional tests and possible clean up (remediation)? Are they even allowed to sell the house now that a case has opened with the NJDEP. Also, would a mortgage co. loan a house with a DEP issue? Or Home Insurance insure a house with potential oil contamination. Seems to be the seller either gets the test and clean up (if needed) or not sell the house. The sellers lawyer is a major arrogant **** and seems like they won't budge. But aren't they requried to disclose potential oil contamination to any buyer? I'm new with this, so I don't know how this works. Any ideas?
Do seller paid settlement fees on real estate deductible or adjustments to basis for buyer?0 관용구2012-07-24 16:12:02
Hi, I have read that seller paid points are deductible by buyer even though seller paid, but can't find any info on other settlement charges. I bought a home at an auction (that I rehabbed and sold in less than a year). The doc prep, title insurance, etc, were paid from sellers funds according to the hud settlement statement. Are these adjustments to my basis, or deductible by me too? Thanks!
, Is there a difference between a real estate agent and a real estate broker?0Bella2012-04-27 12:03:06
Is there any difference between a realtor and a real estate agent ?
Real Estate Near Me | Real Estate Agency0brettreddell2022-06-03 11:03:48
Looking for a real estate agency near you? Then look no further than Area Specialist Brett Reddell, contact the most trusted agency for buying & selling your property. Visit now  
Real estate1Grandson2022-01-19 02:28:08
In which island we can buy a luxury house?
Need a real estate advice.?0badatmath2012-07-26 18:44:02
Hi all, My wife and I have a house for 16 months in Ontario , Canada. This is our first home and we went with a 5% down . The prices of real estate in our area have risen 20 % good , but our calculations show that even with the price increase , we would lose if it sells 10K now. Here's how: We have calculated all the money we've invested over 16 months of property tax , insurance, payment, initial costs of lawyers , mortgage payments ) and when you add it all up , and deduct 5% of the agent , we are going to come up $ 10 K short. Is this something that is common for vendors like us, who have spent little time to have a house ? Does anyone know if there is any formula of what to expect to return to the investment after one year? We are selling the house of my cousin wife received a job transfer , so we have to sell. I would really appreciate if someone could share local councils Ontario .
Dividends vs Real Estate???? HELP!!!!?0Korrina2012-08-20 06:45:03
Ok I am 28, just paid off mortgage and am now looking to generate passive income. This is what I know, if I am incorrect in any of this please advise me on the correct understanding. I have about 3k a month to invest. PROS/CONS Real Estate: Great deals on foreclosures Tax break (interest, depreciation, property taxes, insurance, labor, parts etc) Higher yields or profit margin ROI Physical labor, Tenants, Possible non-rented months Immediate passive income Dividends: No effort (physical) Somewhat recession Proof ROI lower Long term investing
Real estate question?0Aesha2012-08-22 23:50:02
One of the requirements for the creation of a lease is valid : MedlinePlus MedlinePlus A. A leasehold title insurance policy MedlinePlus B. An option to sublet the propery MedlinePlus C. This right MedlinePlus D. A legal description of the leased property
Who should pay for this real estate appraisal?0asdf2012-07-30 07:37:02
I am selling a house that I flipped . I have a buyer, the purchase agreement , and found a lender. Not have owned the property for 90 days. Given that they have not done writing my 90-day names of several banks will be even on the loan. He found a lender who said that 90 days was not a problem with your bank. My buyer proceeded on the loan and the bank ordered the appraisal. Now the bank says no PMI insurance company to secure the loan of 90-180 days. should not
Please help with Real Estate question?2adeyeni2017-08-23 23:11:47
My mother in law owns the house that my wife, my kids and I live in. We have 2 options for the house. 1. Continue renting it from her until she dies then she leaves us the house. 2. Transferring the house to our name so we pay property tax and insurance and repay my mother in law the cost of the house. When she dies she will forgive us of the debt in her will. Which is the better way to go.
Real Estate Fl;ood Insurance?0SUPER MAN2012-10-13 07:45:03
How do I avoid paying flood insurance on residental real estate property that has been designated a flood zone..
Real Estate Investment 0#OddKidd;2012-07-31 15:45:02
Hi All, I have a great Insurance Group discount on my rental properties thanks to my previous employer having an agreement with a large insurance company in Canada. Now I no longer work there and I am no longer an employee but rather a full time real estate investor. (The properties I own and I are in Canada). My questions are: 1. I did not have a chance to call the current insurance company yet. should I do that ASAP to inform them of my new (non) employment status or in order to avoid a Big increase in insurance premium should I just start looking for another company who might provide similar prices especially if I tell them about the current discount I'm getting? Also, am I risking Penalty or something for not telling the insurance company about my new employment status earlier or will they not really care about it that much especially since I had no claims anyway so far? Who should I ask to speak with from that big insurance company if/when I call them? Underwriter, certain department manager, etc.? 2. Are there Insurance Brokers specializing in finding the best insurance deals/companies for you just like there are mortgage brokers for financing or does it not work this way? THANKS, Neil

Ask New Question  

  • You are not logged in,answer will be Anonymous.Set Nickname | Sign In | Sign Up
  • tags separate by ','
  • Shortcuts:Ctrl+Enter

Latest Questions