In this article I want to bring up propane and the contents of that propane tank during closing. Used to be 4 or 5 years ago, we could go to the LP gas company and get a reading on what amount of propane was left. As a seller, you could charge the buyer as long as you have some official print out or ticket for the contents of that propane tank. Again, about 4 or 5 years ago our contract has now changed to whatever is the content of that tank at closing becomes property of the buyer. It’s very important to understand. It was a subtle change but I don’t think we have addressed it enough as brokers because it does come up time and time again. These questions and unfortunately, folks who are on an auto refill program who just got their tank filled up right before they decided to list on the market. Sometimes there’s $200-500 dollars left in that tank that they cannot recoup. So, I think the lesson here is if you’re gonna put your home on the market just be conscientious about what you have or when it was last filled up because as of right now you will not get the money for the contents of that tank. Again, it becomes property of the buyer at closing.
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About Nolan Formalarie
Nolan Formalarie has been in the North Carolina Real Estate Industry for over 8 years and enjoys every minute of it. He is involved in every aspect of the industry including selling and purchasing residential property, home watch services, property management, association management and construction.
