Guess what!! You could have oil in your backyard!!

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Dear Buyers,

Guess what!! You could have oil in your backyard.

How will you know if you are the ‘oh so privileged one’ to have the honor of ‘drill baby drill’ in your own backyard?? Well, when you buy a home, be sure that the Seller provides you with a Natural Hazard Disclosures. JCP-LGS Disclosures.com and First American Natural Hazard Disclosures (FANHD) are sending this Disclosure Alert to keep you informed of important information regarding environmental hazard disclosures. These disclosures are based on a 1/4-mile radius around the property. If the property you are buying has O&G (O&G Wells) or if your neighbor has O&G, you’ll know. This Public Record is the statewide well database maintained by the California Department of Conservation. Each well found in the search is listed along with its well-identification number, well owner, well status, and State contact information.

It is important to note that these disclosures are not mandated regardless how significant these environmental issues are at this time. Currently, California ranks fourth in the nation among oil producing states, and nearly 200,000 wells are distributed among 45 of California’s 58 counties.

O&G well proximity is an important material fact in a residential transaction. Potential hazards associated with wells include, but are not limited to, soil and groundwater contamination, methane seeps, fire hazards, air quality issues, and physical safety concerns. In addition, a land owner may be financially responsible for the cost of plugging a well that was not safely abandoned by a previous owner.

Source - Visit the link below to view a sample of the new O&G Well disclosure:
http://www.disclosures.com/Portals/0/fanhd/pdf/OandGwell_disclosure_SAMPLE.pdf

Holly Leano - REALTOR and Sr Mortgage Consultant

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