Real Estate and Underground Oil Tanks
When it comes to selling real estate, a buried underground oil tank is likely to present some challenges. Homebuyers are warned about the dangers that come with buying a property with underground oil tanks.
Whether it is in use or abandoned, here is a guide to help you address any buyer concerns before they become issues.
Underground Oil Tanks That Are Still in Use
If you are selling a property with underground oil tanks that are still in use you should ensure your home heating system is in complete working condition. Have the system serviced before the house is put on the market. Keep copies of the services performed on the heating system to provide to buyers if they have any questions.
Ask potential buyers if they require the buried underground oil tank to be removed as part of the closing process. If so you will need to arrange removal. If not you will need to ensure the tank isn’t leaking. You will need to test the tank and the surrounding oil by a certified service provider.
If the tank isn’t leaking you can provide these assurances to the buyer. It is also wise to purchase oil tank insurance to protect you in the instance there is a leak.
Underground Oil Tanks That Are Abandoned
If you are selling real estate with an underground oil tank that is abandoned you will probably need to have it removed. It is important to understand that you are responsible for cleaning any contamination on the property.
If you do not disclose information about an underground oil tank to your buyers they can pursue damages in court.
If the tank was decommissioned before you bought the home and you have no record of its condition the easiest thing to do is remove it. You may also choose to have it capped or filled with polyurethane foam. This foam presents no health hazards, is lightweight and if you ever decide to remove the tank in the future you can do so.
How Do You Know if You Have an Underground Oil Tank
You may have an abandoned underground oil tank on your property and not even know it. Before you put your property on the market make sure to check for signs you may have an oil tank buried on your property.
Outside your house look for a gas meter and an oil tank fill valve. A properly decommissioned tank will usually have these removed or filled, so you will not see any signs outside your home.
Inside your home, you can look for small copper wires where your furnace is installed. These tubes will come as a set and will be pinched on the ends. This indicates your home was once heated with oil.
Selling A Home With Underground Oil Tank
A buried underground oil tank can add complications to the process of selling your home. If you take the steps we have outlined here you will find the process much more manageable.
Contact us today to conduct an assessment of your home.