What do I need to do if there is an oil tank on the property that I am buying? findwell agent Lauren GeRoy answers in this installment of Ask an Agent.
What do I need to do if there is an oil tank on the property that I am buying?
Oil tanks in older homes are certainly very common in this area. Sometimes they’re still active and the furnace is still using the oil that’s in the tank and other times they have been abandoned completely. If your inspector finds signs of an oil tank possibly still being on the property it’s good to have an oil tank locate done which tells you if there’s a tank on the property, if there’s still oil in it, or if it has been decommissioned and filled.
What is the risk to having an oil tank on your property?
Having an abandoned oil tank on the property that still has oil in it can be a very risky situation especially if the tank is leaking. The environmental cost to clean up an oil spill on your property are very, very high so it’s good to make sure that any old oil tank has either been removed or decommissioned which means that it has been emptied and filled so that there’s no leaking taking place.