A Leaking Oil Tank is a Serious Issue for Home Buyers and Sellers
If you are buying or selling a home, the presence of an old underground oil tank on the property is a serious concern – for you and the real estate agent who represents you.
Many older New York homes are, or were, heated with oil that was stored in steel tanks placed underground. These tanks corrode over time, allowing heating oil to seep into and contaminate the soil. A leaking oil tank not only creates a potentially costly environmental problem, but it may also reduce the value of your property.
Tank Soilutions specializes in the evaluation and removal of underground storage tanks (USTs) for property owners and real estate agents in New York. We offer expert tank removal services by professionally-trained, OSHA and HAZMAT certified technicians that will help to minimize any potential environmental issues.
Tips for New York
Home Buyers and Sellers
Whether you are considering selling or buying a home, you need to know if there is an old underground oil tank on the property. Here are a few important things to keep in mind.
- Address the possibility of buried oil tanks prior to purchasing a property. If the seller claims no knowledge on the disclosure form, consider adding this as a contingency on the offer to purchase.
- Ask the inspector or contractor to locate any USTs on the property and make a notation on the inspection report.
- If there is evidence of a UST, request that a soil sample be collected to evaluate if there is contamination. NY State requires that an owner must clean up contamination before the property can be sold.
- If contamination is discovered, the property cannot be sold until the current owner cleans it up.
- Filling abandoned USTs with sand or other material is not a remedy for contamination.
- When removing a UST, you must also collect soil samples for testing. Having the soil tested allows you to provide evidence to a buyer that you have taken appropriate action to correct any contamination issues.