Underground tank leak

   / Underground tank leak #41  
The home of interest is for sale by owner, as is where is. And it would not be a mortgage. All of that being said, I would have not protection. If I move forward I will either require the owner remove the tank and pay for an assessment or pay for an assessment and I will have the tank removed. The house is on municipal water but it has a well and so do the surrounding homes.
It would be much safer to require, as "a condition precedent to the Buyer's obligation to close the transaction," that the owner will have removed the tank and will have provided a complete report, prepared by a qualified professional, describing the removal process, and attesting to the fact that there were no signs of leakage. That report should include, as an exhibit, the results of lab tests on soil samples taken from areas below the tank and to the sides of the tank. If there is contamination, you do not want to be in the chain of title prior to complete remediation of the site.
 
   / Underground tank leak
  • Thread Starter
#42  
It would be much safer to require, as "a condition precedent to the Buyer's obligation to close the transaction," that the owner will have removed the tank and will have provided a complete report, prepared by a qualified professional, describing the removal process, and attesting to the fact that there were no signs of leakage. That report should include, as an exhibit, the results of lab tests on soil samples taken from areas below the tank and to the sides of the tank. If there is contamination, you do not want to be in the chain of title prior to complete remediation of the site.
Thank you.
 
   / Underground tank leak #43  
Thank you.
You're most welcome.

The way that I suggested you handle your situation is exactly the way that I myself handled the purchase, sixteen years ago, of the property where I now live.

There was a buried 2,000 gallon tank for home heating oil near the front of the house. The tank had been in the ground for ~ 30 years. Drinking water for the house comes from two wells. Owners of adjoining parcels also rely upon wells for their own drinking water.

There was no foolproof way to gauge the condition of the tank. A tank could pass a "pressure test" on any given day, but then fail a few months later. A pressure test could hasten the failure of the tank.

So, we decided to require the Seller to take the old tank out and to replace it with a tank that I had specified... a 1,000-gallon tank from a company in Ontario called Granby Industries. <Residential Oil Tanks Archives>. I wrote that language into the contract of sale. I also personally observed the removal of the old tank and the installation of the new tank. I have the written report with photographs, and lab-test results, in my files.

As it turned out, the 2,000-gallon tank was in good condition, but we did not -- and could not -- know that until the tank was cut into pieces, and lifted out of the ground.

Better safe than sorry.
 
   / Underground tank leak #44  
The home of interest is for sale by owner, as is where is. And it would not be a mortgage. All of that being said, I would have not protection. If I move forward I will either require the owner remove the tank and pay for an assessment or pay for an assessment and I will have the tank removed. The house is on municipal water but it has a well and so do the surrounding homes.
Walk away if they dont want the tank removed. No one is going to buy that house with an inground oil tank..that's prob it's for sale by owner and as is.
 
   / Underground tank leak #45  
In cold areas a buried tank is still the best way to store home heating oil.
With all the garbage this damned state is shoving down peoples throats I'm getting tempted
to pull my buried 1000 and replace it and keep the old tank above ground for additional storage
out of sight.
 
 
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