I recently provided guidance on a unique residential retrofit project. The house, a modest 2,500 square-foot, two-story, was located in a semi-rural area near Albany, New York. It had been purchased by a young family about two years ago.
The previous owner had contracted with a local propane supplier to install a 500-gallon underground propane storage tank. The tank remained the property of the propane supplier, and was “leased” to the homeowner for $10 per year. Hardly a cost to be concerned over. However, the contract the previous homeowner had agreed to ensured only that supplier could add propane to the tank. As part of the pile of paperwork involved in purchasing the house, and perhaps unaware of the “fine print,” the new owners had agreed to extend that contract.