What about representing a buyer on a rural listing with an owned gas well on the property? The Listing agent says it is owned and seller doesn’t sell any of the gas; it services the property only. Questions to ask? Due diligence? Special Clause? Is it a chattel or fixture or just part of the property title?
You have to have an opportunity to find out what precisely this may be.
Is this an asset or liability? It could be either a chattel or a fixture, no information was provided.
Is it regulated and is it inspected?
Is it insured?
What is the cost?
Who maintains it?
Where is the gas located that it draws?
Is there a right to remove the gas for other than household use?
Are there contamination issues?
You would need to know the common law rules related to the removal. You would need a special clause drafted to suit the circumstances.
Brian Madigan LL.B., Broker