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.
Copyright 2019, Mid America Regional Information Systems, Inc.(MARIS). All rights reserved. Sherrell Realty & Associates does not display the entire IDX database of Mid America Regional Information
Systems, Inc. (MARIS MLS) on this web site. Property listings of some REALTOR®
brokerage firms have been excluded. Listings displaying the MARIS logo are courtesy of the participants of Mid America Regional Information Systems Internet Data Exchange.
Information provided deemed to be reliable but is not guaranteed to be accurate. Buyers are advised to verify all facts before making a decision on purchasing a property. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. Mid America Regional information Systems, Inc. (MARIS) will not be held responsibility for the content of such records.
Last Updated On: 2019-05-27.