What if there's an oil tank discovered after signed contract?

[Michael Lee]

Hey all,

If I waive inspection to stay competitive and gets the property under contract, but later finds out there’s an oil tank and/or contamination, would I be able to get out of the contract? If so, under what grounds? (This is in New Jersey)

Thanks!

[JD Martin]

Unless the owner knew it was there and failed to disclose it, and state/federal law require it be disclosed, I don't see how you'd have any real grounds. I've never waived inspection and have been plenty competitive. Inspection doesn't mean the seller is going to do anything about it, only that you have the right to bring your own people in to determine the true condition of the property and if it's not to your standards that you can walk based on inspection report/repairs.