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REPLACING AN OIL TANK CAN BANKRUPT A HOMEOWNER The health of your oil tank can become a major issue during your tenure as a homeowner or a consideration during the sale of property. The responsibility for an environmentally acceptable oil tank falls on the owner of the property. If it is discovered that an oil tank is leaking its contents into the soil, the local and state governments step in to set the guidelines for correcting the situation. |
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Unfortunately, correcting the problem involves dipping up the leaking tank, replacing it with a new one, removing the contaminated soil, replacing this soil with fresh soil, and regrading the property after the work has been done, inspected and approved by the proper authorities. Depending upon the severity of the situation and the length of time it has been ongoing, the damage can be very large and immensely costly. |
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If you are selling your house, protect your interests and make sure that you have proper documentation to assure the buyers that your oil tank is viable and meets all environmental standards. If you are buying the house, make sure you receive the necessary guarantees that the oil tank on the property is viable and environmentally acceptable. Know when it is installed and by whom. |
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In addition, six major factors need to be covered: Acidity (ph) of the Soil, Sulfide Content, Moisture Content, Seasonal Ground Movement, Seismic Activity and the Human Factor. Too much acidity, alkalinity, sulfides and/or moisture can be corrosive to an oil tank. Underground movement due to seismic disturbances can dislodge an oil tank and create leaks or broken pipe connections, hence leaks. Your broker/agent should be able to satisfy the necessary assurances. If you are going it alone, please contact an environmental specialist to save yourself time, money and tons of grief. |
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Mr. Jim Rood |
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