WHO pays for any OIL left in the tank at Closing?

Although it can be a substantial amount of oil left in the tank I would not have a sales contract hinge on a proration of a thousand dollars or two.  The purchase price would be inclusive of that figure.

Scott, like anything else, Oil left in the tank is also a negotiable item - and my first and obvious answer was ---- buyers! Oops, I goofed up!

That's something that as a southerner never occurred to me, there would be heating oil to negotiate.  Wow.

Yes, the standard here is for the buyers to pay for what is left in the tank, but as you said, it's all negotiable.

I'd have to say that it had never crossed my thoughts that oil was something to negotiate.

This does come up.  The issue we get into is when the buyer is converting the heating system to gas.  These buyer's may not want to pay for the oil.  As you stated, it is important to note it in the contract who is paying for the oil other wise the buyer will be paying the seller a credit.

I've never bought a home with oil heat so it makes sense that I've never heard of a buyer doing that. It makes perfect sense though, oil is not cheap! 

A comment our manager always says when there is a question is "What does the contract say?" Always good to know your contract and to explain it to your client.

Here, the sellers are supposed to have it measured and priced out to be reimbrused for it at the closing. I had a couple of closings where I represented the buyers, and the sellers never did that so my clients got free oil

It is unfortunate that the buyer was taken by surprise.  In our area, there is a place on the seller disclosure that states how the oil left behind in the tank.  You are right, a buyer can use that information to offer however they choose.  Hiring a local agent is so important, especially if you are moving from out of the area and you don't know what is "customary" for purchasing a home.  We take so many things for granted that outsiders have no idea about.  

In Oregon, there's a statement on the standard purchase agreement that clarifies this.  In my experience, I've found there are a lot of clarifying statements within the purchase agreement that buyers, sellers and Realtors fail to read.  There's a considerable magnitude to a real estate transaction, and I agree hire a professional that understands the local area.  Great blog.  I enjoyed reading it.  

OMGosh...the pro-rated oil sounds so petty.

The buyer did not have a buyers broker, they had a "wanna be". 

A real buyer broker does read the contract.

Eve

So ridiculous. i can't see any seller wanting to charge a buyer for oil in tank. If I was the buyer here,and a seller tried to charge for fuel, i would tell them to take the fuel with them, or hire someone come remove it from the tank.

As real estate professionals, we need to know what is in the contract that we want our clients to sign! And heating oil is not cheap!

Pretty happy I don't have to deal with that in Florida. No heating oil here in any house I have sold.

I had a seller who was so frustrated by this process that he had the oil company come to his house to empty the tank (since the buyer wasn't paying for it)

One less thing for me to know here in Tucson is how much heating oil is left in the tank at closing. What heating oil tank? God, I love it here.

Scott-Understanding local issues and appreciating all aspects of the transaction is why one should seek advice from competent agents.

This is something I had not thought about.  Homes in the DFW area use natural gas or electricity to supply heat.