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In CT, do I owe the seller (bank) for remaining heating oil if not included in the contract?

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At my closing, I was surprised to be presented with an invoice for remaining heating oil to be paid to the seller (bank). It wasn't written in the contract or in the HUD but my attorney said it was "customary." Am I legally required to pay?

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March 01 - Stamford

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Lance Diggs, "Lance Diggs"
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Lance Diggs, "Lance Diggs"

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The best person to present that question to is your Attorney and ask him to settle the issue on your behalf.

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Nicole Borsey, "Nicole Borsey"
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Nicole Borsey, "Nicole Borsey"

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I agree with Jack. You would have to reimburse the seller.

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April 13

Jack Herman, "BuyerBroker1"
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Jack Herman, "BuyerBroker1"

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Heating oil is personal property, and the buyer normally compensates the seller for what remains in the tank. The attorneys request the amount (we generally verifiy the amount at the time of walk through, on the morning of the closing), and then the attorneys make the adjustment.

John Herman
TheBuyersRepresentative.com Exclusive Buyer Agents of Connecticut

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April 09

Margaret Shea, "sheasellsrealty"
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Margaret Shea, "sheasellsrealty"

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Take another look at the contract, particularly under the section dealing with "adjustments." In the contract we use here, it says,"all other adjustments shall be adjusted Pro Rata as of the closing date. "
Look for wording similar to that.
Interestingly, as an aside, many oil companies estimate remaining oil in tank based on degree- days rather than sending someone out with a dipstick or to look at the tank gauge. Sometimes these measurements are inaccurate.

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March 02

wetdawgs
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Yes, it is normal for buyer to pay for the heating oil remaining in the tank.

It is not normal for it to be in the contract.

Are you not planning to be using heating oil? If so, be happy you don't need a delivery the day you move in. Rather inconvenient, for sure!

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March 01

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In CT, do I owe the seller (bank) for remaining heating oil if not included in the contract?

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