Underground heating oil
tanks can pose many potential problems to both home buyers and sellers. They
have been the source of many environmental problems such as contamination of
surrounding soil and ground water.
Leaks are generally
caused by the rust inside underground tanks or by an electrical condition
sparked by electric utility lines.
Buyers should always have
the tank inspected to make sure that it is structurally sound. Buyers who do
not want an underground fuel tank can arrange for an above ground tank to be
installed in the basement and the underground tank to be shut off. Cleanup of
any leaks will also have to be taken care of.
For buyers, the
underground heating oil tank should be written in the sales contract. For
sellers, your lawyer should make sure that the description and condition of the
underground heating oil tank is accurate and up-to-date.