Home Buyer Advice

Oil tanks can interfere with buying and selling a home. These tips can help you! Here’s what you need to do:

1. Find out if there is a buried tank on the property and determine whether the tank is actively in use.

If the tank has been taken out of service, you should request all documents relating to the tank closure including town permits and contractor reports from the local municipality. These documents will prove the tank was closed properly according to state guidelines.

Sometimes the seller isn’t sure if there is a tank on the property. In this case, it’s recommended to have an oil tank scan performed to check for undisclosed tanks. If a tank scan identifies an improperly abandoned tank on the property, evaluate the soil immediately. Get advice on handling abandoned tanks and testing soil.

2. Test the tank’s integrity during the inspection period.

ATS recommends a comprehensive testing process that fully evaluates the tank and the soil. If the soil has contamination that exceeds state limits or the tank fails inspection, further

3. Make sure any contractor you decide to use is properly licensed and knows how to expedite the process.

Alternatively, you can hire a company such as ATS Trust to manage the entire removal process.

4. Consider purchasing a tank insurance policy.

These policies are available for purchase for a low annual fee and are especially important if you plan to remove the tank. Tank insurance policies provide basic coverage in the event that the tank starts leaking. Get more information on tank insurance here.