Managing Your Property
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 4 hours ago, 11/23/2024
Oil tank addendum
Hi all. I own a 100-year-old two-family investment property in West Hartford, CT that has oil heat; one oil tank per unit.
The current lease speaks to the fact that the house has oil heat and it's the tenant's responsibility to pay for it via a contract with our chosen provider. I need to put together an addendum speaking to the fact that the tank will be full upon their move-in date and they need to ensure it's full upon their departure — or the $ will be deducted from their security deposit.
Does anyone have an example of an addendum they can share that speaks to this? Moving forward, I'd like to revise my lease agreement to include this language, thereby eliminating the need for an addendum, but at the moment, this is my solve.
Thanks so much! Appreciate the help.
- Real Estate Consultant
- Mendham, NJ
- 6,957
- Votes |
- 6,113
- Posts
You pretty much have all you need in what you said above.
Your apartment is currently heated by oil. The oil tank will be delivered full at the time you start your lease. It shall be delivered full at the end of your lease or the amount to fill will be deducted from your security deposit.
Something like that.
Oil is tough on tenants because it costs a lot at a time to fill. If you aren't doing it, you should use the average amount with the oil company based on other year's usage and they will average it so it's not $500 in one pop (depending how big these tanks are).
- Jonathan Greene
- [email protected]
- Podcast Guest on Show #667
Thank you! Easy enough, then. I wasn't sure if I needed to add in anything additional from a legalese perspective.
What we do for houses with heating oil , we measure the amount of oil in the tant ( There is a chart that tells yo how many inches equals gallons ) And the tenants pay that up front when they move in , the oil is now theirs . When they move out , I measure the tank again and will pay them for the oil in the tank . ( always at current prices ) . This way you never get stiffed .
When a tenant moves out and oil prices are high they wont get the tank filled .