Effective July 1, 2010, a new law takes effect in Massachusetts that requires the upgrading of home oil-heat systems.  The fix does not appear to be prohibitively expensive and should help prevent the nightmare of a leaking oil tank.  

To help explain the new regulation, I’ve enlisted the aid of Ellen Boisvert of Scott Oil.

Effective July 2010, New MA Law Requires Some Oil Line Replacements Before Legal Transfer of Property

Home buyers and sellers have one more thing to think about before a home sale this year. They need to be aware of a new Mass State law taking effect on July 1, 2010.  Non-compliance with the law could hold up a sale and/or spur unwanted disputes.

The law was passed as a consumer protection measure, which addresses only oil lines that come in contact with the floor and requires that they either be coated with a continuous, non-metallic sleeve or be protected by an oil safety valve.  If you are not sure, contact the home’s current oil company to get the facts.  There is a cost for replacing the line or adding the valve but it is a wise precautionary measure that will also make the home safer.  Work should be complete prior to the July 1, 2010 deadline.  A certificate of compliance is granted for use in the home sale and for proof for insurance.

The same law also requires insurance companies to offer optional coverage to protect the home in event of an accidental release of oil.  Homeowners will have a choice whether or not to buy the additional insurance.h

Because the law is new, the consequences of non-compliance are unclear at this point.  However, this should not prevent homeowners from understanding the law and working closely with their oil dealer and real estate agent as the mandated deadline approaches.

WASHINGTON (Reuters) – The Congress on Wednesday approved a bill extending the closing deadline for homebuyers trying to take advantage of a popular tax credit.

Homebuyers with contracts signed by April 30 who failed to go to closing by the June 30 deadline will now have until September 30 to complete their purchases. The House of Representatives on Tuesday approved the bill and it now goes to President Barack Obama for his signature.

The $8,000 tax credit for first time homebuyers and $6,500 credit for others purchasing a new primary residence was a highly popular temporary measure by the Obama administration to jump start home sales during the economic recession.

Real estate agents said thousands of homebuyers would miss the June 30 deadline because banks and settlement offices were struggling to deal with the volume of people rushing to close on their deals.

"In addition to helping thousands of families experience the American dream, this successful and popular program provides a much needed boost to Nevada's housing market and economy," Senate Majority Leader Harry Reid said in a statement.

Reid, a Democrat, faces a tough re-election fight in Nevada, where the U.S. foreclosure crisis is most pronounced.

The Senate acted separately on the tax credit extension after another bill that included both the homebuyers measure and an extension of jobless benefits for the long-term unemployed was blocked by Republicans.

The jobless aid bill fell one vote short of the 60 needed to overcome procedural hurdles in the 100-member Senate. Republicans objected to the $34 billion cost of the bill.

The Democratic-backed bill would have extended the federal jobless aid program through November. Senate Republican Leader Mitch McConnell offered a two month extension that was paid for by using unspent money from last year's economic stimulus program and Democrats objected.

Reid said he would try again to pass the jobless aid bill after the Senate returns from the July 4 holiday recess.