Underground heating oil tanks can pose many potential problems to both home buyers and sellers. They have been the source of many environmental problems such as contamination of surrounding soil and ground water.
Leaks are generally caused by the rust inside underground tanks or by an electrical condition sparked by electric utility lines.
Buyers should always have the tank inspected to make sure that it is structurally sound. Buyers who do not want an underground fuel tank can arrange for an above ground tank to be installed in the basement and the underground tank to be shut off. Cleanup of any leaks will also have to be taken care of.
For buyers, the underground heating oil tank should be written in the sales contract. For sellers, your lawyer should make sure that the description and condition of the underground heating oil tank is accurate and up-to-date.Back to Table of Contents
*Fee may vary based on your home's list price. Call for details. Any reference to a 6% commission is used for comparison purposes only. Commissions may be negotiable and are not established by law. Each office independently owned and operated. The information regarding specific properties herein is deemed to be accurate but not guaranteed. All information to be verified.