What you Need to Know About buying a home with an Oil Tank
- If the homeowner/seller knows of any tank no longer in use on the property, the tank should be empty.
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The seller must also provide you with documentation that the tank has been emptied.
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Note that a tank that has only been emptied of oil has not been “decommissioned”
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If the owner does not know if there’s a tank on the property, Parway Oil recommends the buyer hire a qualified expert to check for one. Always obtain owner permission prior to conducting any search activities.
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If a tank is found on the property, have a service provider check to see if it has leaked if either of the following are true:
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The tank is abandoned and has not been decommissioned, including soil sampling; or
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The tank is active and has not been checked for leaks.
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The current owner of the property is responsible for any necessary cleanup even if the leak happened before he or she bought the property. If you buy property knowing that a tank is present and no work has been done to determine if it has leaked, you also become responsible for any leaks discovered in the future. You then would have to contact an attorney for advice if you wanted to recover any costs from the prior owner.
