If you are planning to buy or sell a house, find out if there’s an oil tank buried on the property before it costs you. Underground oil tanks have can become a very important part of buying and selling homes. They didn’t come out with above-ground tanks until 1957, and they weren’t common until 1960-1961. I would recommend having any property scanned before 1965 to do your due diligence, even if it has an above ground tank. The danger of not knowing about those buried tanks played out recently with a series of leaks into local waterways. In the last year, there have been around 28 spills of contaminants, and the clean-up can come with a hefty price tag for the homeowner. The norm for the past years has been if a tank was rendered inhert and signed off by the fire department everything was fine. This has changed and we are seeing lenders and insurance companies wanting the tanks removed from the ground and some even wanting an environmental study done on the soil. Make sure you do your due diligence with it comes to buying or selling your home, if you find a underground tank have it removed.
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