Purchasing a Property With an Abandoned Underground Oil Tank
When purchasing a home, an inspection is a crucial part of the process. This includes hiring a separate inspector to look for an abandoned underground oil tank in New Jersey. Be sure to know the risks of purchasing a property with an abandoned underground oil tank, so you can make the best real estate decision possible.
One abandoned underground oil tank risk is soil corrosion. This can be on your property as well as neighboring properties. Groundwater contamination is another risk factor.
These are serious issues that require remediation, as the EPA has strict guidelines for property owners. Luckily, there are ways you can move forward with the purchase of your new home. You can still purchase a house with an abandoned underground oil tank, but first, familiarize yourself with the risks.
Risks of an Abandoned Underground Oil Tank
In order to check for oil tank abandonment, NJ inspectors will complete an underground oil tank sweep. They’re searching for a tank abandoned in place after homeowners converted to natural gas or an above ground tank.
If you find an underground tank, it’s important to ask the seller to excavate it. During the excavation process, an inspector will look for signs of a leak. In the event that you need additional testing, soil boring will be done and samples of soil and groundwater will be tested.
The reason for such rigorous testing is that oil tanks can leak, and underground tanks make it difficult to notice a leak. These leaks can lead to costly repairs to you and your neighbor’s property. Many homeowners opt for voluntary or involuntary pull insurance from third party companies.
Health Hazards and Pollution
When an abandoned underground tank leaks, it can lead to fumes and other hazards building up in your basement or first level floors. This not only poses a serious health risk but is a fire hazard.
If a tank leaks into the soil, groundwater can become contaminated, posing a hazard for you as well as local wildlife. Leaks are not only a health hazard and environmental danger but can be costly and time consuming to repair for those who are uninsured or underinsured. Most times homeowners insurance won’t cover these leaks, which is why supplemental tank insurance is a necessity.
Oil Tank Removal
If you’re interested in purchasing a home with an abandoned underground oil tank in New Jersey, be sure to know the risks ahead of time. Take soil and groundwater samples to check for contamination. Request that the sellers excavate the tank and provide proof that you need no further action.
Not all abandoned underground oil tanks have leaks, so don’t let this discourage you when looking for homes. Be sure to work with a trusted excavation company to ensure the proper removal of your abandoned underground oil tank.
Contact All Americal Environmental today, and a member of our dedicated staff will discuss with you all your oil tank excavation needs. Whether you need a tank removed or an oil tank inspection, All American Environmental is fully licensed and insured. Our full-service company has been providing exceptional customer service for over 20 years.
We serve the NJ counties of Morris, Bergen, Essex, Hudson, Hunterdon, Union, Mercer, Middlesex, Warren, Sussex, Ocean, Passaic, Somerset, and Monmouth.
