Existing home sales make up the largest segment of home sales in the nation each year. Most of these transactions are relatively routine, with few unpleasant surprises for any of the parties involved. Sometimes, however, an issue will arise that can cause a problem for the seller and buyer.
One such issue is when an abandoned oil tank is discovered on the property. If you are selling a home and have concerns about the possibility of there being one of these tanks involved, here is some important information you will need to know.
Using clues to search the property
Underground oil tanks that have been abandoned for several years may exist without the current homeowner's knowledge. This can happen if a previous seller failed to make proper disclosure when they sold the property and no problem or excavation since has led to its discovery. Homeowners who wonder if their property might have an abandoned fuel tank can look for clues, including:
In most cases, an underground home heating oil tank would be located close to the foundation of the home near the area where the furnace or heater would have connected to it. In addition to searching outside the home, homeowners should also look for interior clues, such as old supply lines or oil stains on the inside wall near where the furnace is located.
Understanding the danger involved
An old underground fuel tank is not just an inconvenience. Instead, the existence of this type of deteriorating, hollow metal structure can create a real danger for the collapse of the soil above it. If the tank's condition is deteriorated and it still holds oil or oil-laden groundwater inside it, there can be seepage issues that carry hefty fines and the potential for significant ecological damage to the environment.
Homeowners who have concerns about the known or unknown existence of an underground oil tank on the property can have a professional oil tank testing and removal company to inspect the property. If an underground tank is discovered, these professionals can assist homeowners with obtaining the proper permits and executing a safe removal process.
For more information, contact a company like A & A Oil Recovery Co.
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