THE RISK - A Home Buyer's Guide to Buried Oil Tanks - The Risk of Oil Leaks Means Risk of Major Cleanup Costs
When we observe evidence that a buried fuel storage tank is located at a property and when no other information is known about the type, condition, or even exact location of the tank, underground tank leaks, environmental damage, local water or well contamination, and a costly cleanup are potential risks to the property owner.
Because significant site cleanup costs can be involved if an oil tank has leaked at a property, unless there is reliable documentation that the tank has been tested quite recently, it would be prudent for a home buyer to have such testing performed before purchasing the property.
Installing a new oil storage tank will involve significant expense. There are also proper methods of "abandoning" old unused buried tanks.
Before completing purchase of a property that has or had a buried oil tank you need to have either had the tank removed, abandoned in place, or tested.
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Billy Willard, Author
I have been involved in the environmental consulting field since 1995. I have been involved in removing and the remediation of hundreds of oil tanks.