To make matters worse, the responsibility for remediating any contamination caused by a leaking tank rests solely with the property owner and can be very costly depending on the size and scope of the clean-up.Įven if you had no idea there was a tank under the ground when you purchased the property, you can’t look to the Seller or any prior owners to try and offset your losses (except in rare instances when fraud or intentional misrepresentation has occurred, which is difficult to prove).

Concerns range from soil contamination, ground water contamination, property damage, vapor hazards, fire hazards, loss of property value, and more. Oil has carcinogenic properties, so a leaking underground oil tank can mean trouble. So, what’s the problem with underground tanks anyway? The answer is simple: leaks and liability. Its presence can wreak havoc in any home purchase transaction, especially if you don’t fully understand the issues involved. Ahh, the dreaded underground oil storage tank.

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