Humber/Ontario Real Estate Course 3 Exam Practice

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What should a buyer consider including when an underground fuel storage tank is present on the property?

  1. No mention of the tank is needed, because a specific preprinted clause in the agreement addresses the existence of such tanks.

  2. The seller must represent and warrant that the underground fuel storage tank complies with applicable regulatory requirements.

  3. The seller must agree to remove the tank before closing, as mandated by the TSSA, and an appropriate clause would be inserted in the agreement.

  4. The buyer could include a condition requiring that a TSSA-approved contractor determine whether or not the tank complies with current regulations.

  5. The buyer should ask the seller to perform a full environmental assessment before closing.

  6. Removal of the tank by the buyer before taking possession of the property.

The correct answer is: The buyer could include a condition requiring that a TSSA-approved contractor determine whether or not the tank complies with current regulations.

Including a condition requiring that a TSSA-approved contractor determines whether or not the underground fuel storage tank complies with current regulations is important for the buyer's peace of mind and protection. The presence of an underground fuel storage tank can pose significant environmental risks, including the possibility of leaks or contamination of soil and groundwater. By having a qualified contractor evaluate the tank, the buyer ensures that they are fully aware of any compliance issues that could affect the property's value or lead to potential liabilities in the future. This proactive measure not only helps the buyer assess the current condition of the tank but also aligns with legal and regulatory responsibilities. If the tank is found to be non-compliant, it can lead to costly remediation actions, making this due diligence essential before finalizing the purchase. Additionally, bringing in an expert ensures that the buyer has accurate and reliable information regarding any potential environmental hazards associated with the property.

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