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is there any way an oil tank that’s been buried since 1963 *wouldn’t* be leaking? sellers aren’t planning to remove it…
house is lovely, lots of land, new roof & windows, dry basement (a big deal in my part of the northeast US), price is right … but there is a buried oil tank and the sellers are selling as is. if you liked the house, how would you proceed? edit: this is in new…
house is lovely, lots of land, new roof & windows, dry basement (a big deal in my part of the northeast US), price is right … but there is a buried oil tank and the sellers are selling as is. if you liked the house, how would you proceed? edit: this is in new york state
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At this point if it's leaking it has most likly already fully leaked. That said be aware the environmentmental regulations for removing these tanks is often quite strict. Have you called any companies to get a very rough cost estimate to remove it?
The sellers know it's a money pit. I'd look elsewhere.
If it was somehow entirely. Entirely. Empty. Maybe. How you proceed depends on the protocol in your state/county. This is managed differently in different places. In PA, they're relatively casual about this and there is state funding to help with removal/remediation. In some adjacent states - you're not changing title until it is dug up, tested, remediated, and further inspections are conducted. Or, in others it is don't ask don't tell. You can call your county department of hrealth and ask what your local rules are if your real estate agent / lawyer aren't familiar (though, they should be).
I'd run away. I had mine removed and it went without an issue. Nextdoor neighbor had a leak, don't know the cost but work went on for weeks. House in town had a leak so bad they had to jack the house up to excavate under the house. They sold the house to someone that did that and rebuilt the house. But the absolute worst was a neighbor of mine that at one time owned a house just outside Atlantic City. House was in a ecologically sensitive area, he spent 25K of the clean up and the State of NJ paid $300k.
Have you had an OSHA report, inspection? Any time there is an underground tank, whether gas or oil, it has to be inspected by OSHA to determine the amount of damage it has done to surrounding property. The owner, whomever that is when they inspect, will have a hefty fine I would imagine (if they detect any leakage in the ground, outside of the tank).