Well then – take it out before you put your house on the market.
As a broker, I’ve seen too many deals go bad over buried oil tanks and the arguments over who is responsible, indemnifications and possible long term effects.
Right now, we’re waiting for the DEC letter to give a Bridgehampton property the “clean bill of health” after a buried oil tank was removed.
Interestingly enough, the initial inspection showed there to be “oil in the soil” around the tank, which has to be reported to the DEC. Turns out there was no leak, but perhaps numerous careless “spills” by the oil delivery company in the past. Almost $8,000 later (paid by the seller), the tank is gone and we are over a month late in closing.
So, the seller can’t move on to their new home, the buyers mortgage rate lock is about to expire (and rates are going up). The buyer also wanted to get possession of the house before summer started so he could make some improvements and possibly rent it for the season – sorry.
Nobody is happy.
Underground tank? Take it out.