If you know about an active or decommissioned underground storage tank, disclose it - even though New York does not have a specific UST disclosure statute for residential sales. Known tanks are material conditions, and concealment could expose you to fraud claims. Provide decommissioning documentation, soil testing results, and any remediation records. If the tank is still active, removal and possible soil remediation can cost $10,000 - $50,000+.
From the seller playbook: Underground Oil Tank Disclosure and Remediation for Sellers
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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