Residential Oil Tanks Are A Factor When Buying Or Selling Residential Or Commercial Property
Many homes and commercial properties, especially those in rural locations have an above ground or underground storage tank that is used as a fuel oil tank. When selling these homes the seller and potential buyers often weigh the implications of abandoning the tank or having it professionally removed.
The Dangers Of Abandonment
Most buyers in today’s modern real estate market will insist an old fuel oil tank be removed from the property in question. For many, even a tank that has been professionally closed off is still too much of a contamination threat. This is particularly concerning, as the past practice was to have the tank purged, cleaned and sealed. Yet this still led to other long-term issues.
If the seller does not agree to these demands, the buyer might rescind their offer or alter it to reflect the potential removal and remediation costs. On a legal level, the NJDEP is only required to get involved with an oil tank abandonment if it has been determined that there is evidence of a leak. However, in the past, many seal-off attempts and companies performing them lacked thoroughness. This casts increase suspicion about the threat of an abandoned tank. Especially one without a professionally documented history.
This sometimes means that even with thorough paperwork and past soil testing documents a buyer’s insurance or mortgage company might not approve the risk. In the case of some homeowner’s insurance companies, a higher premium might be assessed.
The Benefits Of Tank Removal
To address all of these salient issues, the NJDEP directly recommends that all out-of-service underground storage tanks be removed, even if they were professionally sealed in the past.
When Hydroscience Group removes a tank for professional disposal, we pay strict attention to making sure that all permits, inspections, and processes are compliant with regulations. This ensures that the NJDEP will issue a No Further Action or NFA letter which frees you from any future liability issues.
Above ground and underground storage tanks simply can’t last forever. Most seem to have a lifespan of around twenty years. After that they start to deteriorate, leading to leaks, which can be a major source of pollution, as well as a liability issue.
Some fuel oil tank issues are easier to detect than others. In the case of an underground tank, many homeowners and commercial properties don’t notice a problem until the heat stops working. In many of these cases, it is because a leak in the tank has allowed water to enter the system. This also usually means that sludge, fuel oil or other contaminants are in danger of seeping out into the surrounding soil and potentially the groundwater.
If you need emergency oil tank services for underground, above ground, or exterior fuel oil tank, you need to can turn to the trusted and experienced technicians at Hydroscience Group.