What to Know About Underground Oil Tanks
Most oil tanks do not leak, but you don't often hear about the non leaking tanks because they are much less interesting to talk about.
Buyers of commercial and residential properties remain worried that an underground tank might contain oil or be leaking it. This concern can be addressed when soil testing is performed around a tank to affirm that no leak has happened. But, without independent testing there is no way to confirm that there has not been a leak.
Buying or selling a house in which an oil tank has been removed or filled in place with no record of test results does not provide legally defensible evidence that the tank did not leak. In this scenario, testing has to be done to verify that the tank did not leak previously.
Luckily, grants are offered to reimburse homeowner's for leaking petroleum tanks. Previously, grants were offered to remove a non leaking tank, but these non leaking tank grants are no longer available.
When a tank does leak, many homeowner's insurance policies provide protection for the cleanup. Age dating may also be utilized.
Every state permits a certain quantity of oil to stay in the ground too. That means a tank may not require any work on your end if it is within the permissiable amounts.
Residential properties could be sold when a tank leaks, provided that both seller and buyer can agree on financial responsibility. This typically entails cleaning the area of the contamination.
In lieu of removing the tank, tanks can be cleaned while in the ground, then filled with concrete or some other substance. Contact a professional for an evaluation.
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