Home > Residential Services > Buying or Selling a Home? > Home Sale Advice

Home Sale Advice

Tips for handling oil tank issues:

Test your tank before entering into a purchase agreement with the buyer.

This will enhance the marketability of your property and avoid confusion during the transaction.

In the event that the tank inspection finds problems with tank system, the seller will have time to repair any problems without being pressured by an anxious buyer.

If the buyer’s inspection determines the tank system failed, the buyer is in the driver’s seat instead of the seller, especially in tight real estate markets. We know of many instances where buyers force sellers to completely decommission tanks even when the tank requires only a minor repair.

If the buyer orders the inspection and the tank fails the inspection, the buyer has the right to cancel the contract or demand the seller correct the problem. If the buyer cancels, realtors ahve an ethical obligation to inform all potential buyers about the tank failure, even if the seller remedies the tank system problem. If the homeowner tests the tank prior to the contract, these issues will not arise.

Buy a tank insurance policy.

Tank protection insurance policies are available and cover up to $100,000 if the oil tank leaks.

If you have a policy, make sure it is valid. If you need help, check out our tank insurance tips and contact us to speak to our experts.

If the buyer hired the tank testing company, get their license and read their reviews.

The testing company’s insurance policy should include both liability and errors & omissions coverage. Verify that the policy is still valid!

Get copies of the tank testing company’s state licenses and certifications. In many areas the testing company and the tank test technician must both be licensed.

Check out what people are saying about the tank testing company on sites like Angie’s List. ATS actively solicits reviews and shares them unedited on our customer reviews page.

Decommission underground tanks that are not in use & save all the paperwork.

If the heating oil tank is no longer used to heat the home, your tank is considered out of service.

Buyers will be most concerned that oil tanks have been properly taken out of service. If you hired a licensed professional to take the tank out of service, chances are the tank has been properly closed. All you’ll need to supply the buyer with is paperwork which includes the town permits, the tank closure documents and the town approval or soil testing report showing that the tank did not leak at the time of closure.

If you will remove your tank, don’t wait until you find a buyer!

Even if the buried oil tank is still used to heat your home, a potential buyer may want you to address the underground tank issue.

Addressing the tank removal issue while the property is under contract can lead to delays at closing and unresolved financial questions. Don’t wait until you find a buyer! Removing the tank and replacing it will make your home more marketable for sales and removes doubts about the property.

If you are worried about the extensive paperwork and the confusion of the process, ATS has a hassle free tank removal process which includes filling out the paperwork. You can even get a guarantee the job is done right! The process takes some time to complete, so many listing agents recommend starting the process early.

You will need a new tank which is usually placed above the ground. Our oil tank replacement section will give you an idea of what to expect during the replacement process. If you need help selecting an above ground tank and need advice on where to place it, visit our overview of the tank removal process.