Thanks for the advice Drew.
On #1, the long abandoned tank, it is probably best to let it be forgotten. It is under a driveway so it will probably never be built upon. Sand and rust won't hurt anything.
On #2, I like the suggestion of distancing the transaction from other assets, must mention that to the lawyer.
Further details; there are six monitoring wells around the 4 tanks, probably checking for leakage. An old employee mentioned that they were checked last year.
All this is a big surprise to the realtor (emailed him today about it) and owner of the property. He owns 40 bldgs and is out of state.
The property was going for 1.1 million, they were considering my verbal suggestion of $725,000.
You can bet that will be going lower, more in the range of $600,000 as removal of the tanks from one estimate I received mentioned it could be around 150,000 or more.
Apparently the tanks were installed without the owner's knowledge.
The company that installed the tanks 20 years ago is a billion dollar conglomerate. Perhaps the owner could go after them.
#3 is off the table at this time, my guess is there is no leakage and no brown field as the tanks are obviously being monitored by someone.
Of course, if they found a leak, would they really want to do the right thing and fix it?
Say something and pay for it via cost and paperwork, or say nothing and avoid a mess.
Still, the tanks are a ticking time bomb. It needs to be defused to everyone's satisfaction, with no liability coming my way, then perhaps a deal can be worked out.
That deal will be tricky.
Reminds me of a local gent who sold a building for 1.2 million less the clean up costs. The costs were large. He ended up paying the new owner some serious money!
Any hints on dickering besides having a good lawyer for the fine print??
Can the owner have the former leasee pay the cleanup costs?
Suggestions and comments welcome.