Underground heating oil tanks can pose many potential problems to both home buyers and sellers. They have been the source of many environmental problems such as contamination of surrounding soil and ground water.
Leaks are generally caused by the rust inside underground tanks or by an electrical condition sparked by electric utility lines.
Buyers should always have the tank inspected to make sure that it is structurally sound. Buyers who do not want an underground fuel tank can arrange for an above ground tank to be installed in the basement and the underground tank to be shut off. Cleanup of any leaks will also have to be taken care of.
For buyers, the underground heating oil tank should be written in the sales contract. For sellers, your lawyer should make sure that the description and condition of the underground heating oil tank is accurate and up-to-date.
All information deemed reliable but not guaranteed. Copyright 2019 MichRIC, LLC All rights reserved. Copyright 2019 MichRIC, LLC All rights reserved.
The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than Crown Ridge Properties are marked with the BR logo and detailed information about them includes the name of the listing broker. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2019-02-19.