Underground oil tanks and the contamination caused by them can become an unexpected personal and financial nightmare for you, unless you make smart decisions during the purchase of your new home. Without taking appropriate steps prior to purchasing the home, you may assume full responsibility for the tank and contamination cleanup even if you never used the tank.
Unused underground oil tanks should be removed to prevent oil contamination of the surrounding soil and ground water as well as general environmental damage. These tanks can also corrode and collapse, creating a sinkhole in the yard.
The best option you have as a buyer is to have the current owner remove the underground oil tank prior to finalizing the purchase of the property. Some sellers may refuse to remove the tank before they sell. If this is the case with the seller you are dealing with, then you can attempt to meet them halfway if you are set on the purchase of the home.
If the oil tank is inactive, you can propose the idea of splitting the costs before closing on the property. If they tank is active then you can propose the idea of splitting the cost to upgrade to an above ground oil tank. If the tank is found to be leaking then the liability for the clean up will fall back onto the seller since they still own the property. If they choose not to clean it up, then you walk from the deal with just a small expense compared to what could have been.
What is the main take-away? Underground oil tanks are most often an item of concern for the buyer. It’s important that the buying agent discloses this information to the buyer prior to purchase of the home.
If purchasing a home near Prince George’s County, Maryland, contact JS Tank Removal for trusted removal of your below-ground oil storage tank. Owner and operator, Jason Smith, has over ten years of experience in the tank service industry. All of our services are in compliance with MDE, EPA, and local guidelines. Our primary focus is to bring our clients top of the line quality with proven safe methods. To learn more about our services, click here.
