By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
Underground heating oil tanks can be a major issue for home buyers. Tanks that are no longer in use can be ticking time bombs for home owners. If you should ever decide to sell your home, a bank or the buyer will likely ask for an environmental assessment or the removal of an underground oil tank. Home buyers are now routinely being advised by their lawyers and home-inspectors to exercise caution when buying a house with an underground storage tank (UST) and perhaps even insisting that the tank be removed or abandoned before sale.
The reason? It’s better to be safe than sorry.
If you plan to sell your home in the future, underground oil tanks are arguably #1 on the list of “Biggest Potential Buyer Turn-offs” because whoever buys the home takes on liability for the tank and any damages it may have caused over the years. New York requires all USTs be emptied, cleaned, and rid of all ...