Underground Oil Tank Issues
If you suspect an underground fuel tank that is no longer in use exists you should stop your real estate transaction immediatly. Most state regulations generally require the proper abandonment or removal of underground fuel storage tanks that are no longer in use.
If you purchase a home with an underground tank that leaks many states will hold you financially responsable for all the damages that have ever occured. These costs can dwarf the purchase price of your home.
The existence of the tank must be verified and addressed prior to expiration of your inspection contingency. Discuss the implications of such a tank with your Attorney.
IMPORTANT: The soot that accumulated on your chimeny liner from oil fired equipment and exaust gases from gas fired equimpent have a chemical reaction that can create an acid that can disolve your chimeny liner. If heating fuels have been changed, the chimney must be cleaned (to determine if damage to the chimney interior has occurred), inspected and repaired or lined if necessary by a chimney sweep prior to expiration of your inspection contingency to avoid a potentially hazardous condition.
About the Author
Michael Del Greco is President of Accurate Inspections, Inc., a New Jersey Home Inspection Firm. He has performed thousands of home inspections in New Jersey. He has taught the New Jersey Home Inspector CEU & Licensing classes and help in developing questions for the National Home Inspector Exam.
