Oil Tank Search
Oil Tank Search
Buyer Side Under Ground Oil Tank
After weeks of searching you found your home if the house was constructed prior to 1980 chances are the house had oil heat. You walk around the yard looking for fill/vent pipes, you do find a gas meter, but no signs of an UNDERGROUND OIL TANK. Now you go into the basement you find disconnected oil lines coming through the foundation wall which was the supply and return lines from the heating oil tank. There is a strong possibility that there may be an undisclosed buried oil tank on the property. The seller's disclosure states there is no in-ground oil tank and the seller’s don't have any paperwork on the tank, then assume such paperwork does not exist. They may have been misled at the time they purchased the home. You can also check with the municipality if the owners don't know. The laws and liability of having an underground storage tank on your property are becoming increasingly strict and regulated. You must do your due diligence and have your property scanned to avoid any unforeseen costs when buying a property. A seller is not obligated by law to remove an underground oil tank. However, there are so many variables each transaction is different and should be handled by the attorneys representing the buyer and seller. To be more certain hire an environmental professional who is trained to look for this evidence as well as other key signs and who can also be equipped with a metal detector and a radio frequency locator or ground penetrating radar unit to evaluate a property for a suspect tank. Those who have above-ground oil tanks are in a much better situation, but buyers should still do a tank search to verify no evidence of an underground oil tank on their property.
My Take: I can tell you from experience, do not buy a house with an existing underground oil tank!
This article is limited and does not cover some of the more complicated scenarios that can arise with oil tanks such as soil testing. Be sure to seek the advice of local experts about underground oil tanks.
A Nightmare In The Making
Seller Side Under Ground Oil Tank
During the inspection, a buyer will be advised to do a tank search to see if there are any underground oil tanks on the property. Before you put your house on the market it would be wise to determine if you have any oil tanks to avoid any potential complications of a sale.
Sellers should still do a tank search before listing your home to verify no evidence of an underground oil tank on your property. You are not required by law to remove the oil tank in order to sell your property, you basically have little choice if you want to sell it.