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The oil tank was buried in the front lawn (where it usually is buried) so it took like 2-3 hours to get it removed. From what I've heard, it all depends on where the tank is buried. If it's buried under the driveway or backyard or under the house somewhere, it could take a lot longer.
As for any delays to closing? the answer is no. We were under attorney review for an unusually long time and that's because of other things but it didn't have anything to do with the oil tank removal.
Thanks for your post.
Its buried at the side of the house not on drive way .
Also the company who scan and find the oil tank told that the tank is in a good place at the side of the house and its 1.5 feet under the ground. When they check for the oil contents in the tank (not sure how they check it.) there is about 13 inch of oil and very little water. So they assume that mostly no leak. Lets see how it goes.
UPDATES: Underground Oil Tank Removal Before house closing
UPDATES: Oct 11 2013
Today morning I talk to my attorney and he told that the oil tank will be removed and we will get the No Further Action letter from the seller . He told that he removed an oil tank from him home so he know all the procedure to remove the oil tank. He told that it may take some time to get the NFA letter but we will get it. Now the closing date is changed from Nov 1 to Nov 15.
Hope I will move there soon.
Will update if I get anything more
I would want the tank removed and then have the soil check done. You can check the soil on the side, but there could be oil underneath. I would not close until the tank has been removed and the test has come back ok.
Bingo!
it's great that the sellers agreed to remove the tank (this is happening in my town at a house also right now). do not rush to close. wait until this is done, and then have the soil tested afterwards (the company that removes the tank should be doing that afterwards).
you may need to delay the closing, if so, i believe the only downside to you is extending your loan lock, which really doesn't cost much. the important thing is having this resolved.
Thanks for your post.
Its buried at the side of the house not on drive way .
Also the company who scan and find the oil tank told that the tank is in a good place at the side of the house and its 1.5 feet under the ground. When they check for the oil contents in the tank (not sure how they check it.) there is about 13 inch of oil and very little water. So they assume that mostly no leak. Lets see how it goes.
Thanks
We had the same thing. But even though the tank was removed, we had to have a soil sample test done, otherwise our home owners insurance would not cover. If there is even a trace leak, it's big $$$ to get it cleaned up, and DEP has to get involved.
Update: Oct 14
I got a call from my Realtor that the oil tank company came Friday for the soil sample and send it for testing. she told that we will get the result in 5 business day. Hope everything is good and no soil contamination.
Update:
The soil test come as condamination in the soil and the oil tank company ask for 9000$ to make it perfect.
Seller has no money and planning to ask the company to get it after the closing date.
Will update
OK, not sure if you are using an attorney or not, but I would NOT close until the soil is certified clean. Since there is contamination, you may have to close with a temporary C/O (not sure), but your insurance company may not like it. If the oil company agreed, and cleaned site, I believe it still needs to be retested. What then, if it's not clean.
This is why, if you don't have an attorney, I would consult one. There is too much "grey area" here.
A relative of mine had contaminant in their soil from a leak. A small leak. DEP ended up involved, and it cost over $30,000 to and several cleanups to get it "perfect".
Seller has no money and planning to ask the company to get it after the closing date.
So basically seller is saying he/she can't pay for it but will pay you back later? Umm, I would not trust this. Do not close until cleanup is done and certified as no further action. This will not be done in 2 weeks time. So either be prepared for several months wait or move on to another house.
Unless you want to take on the risk and payment yourself. It may end up being the 9k, or it could be higher.
Do not close on the house until the soil is certified clean.
Do not accept any promises or assurances.
Once you close, the house and containated soil is YOURS.
My suggestion, and I know this is hard.
Talk to your attorney, walk (RUN) away Now!
back out of the deal
This is getting to deep and complicated.
Soild cleanup/removal and follow-up testing will take months. You are talking potential excavators in the yard, heavy dump trucks in and out, landscaping torn up.
and if the containation has traveled/seeped, they have to follow it.
Open pit in the yard and the wallet
Even if the soil is cleaned up and certified clean, the house will have a "containated" reputation.
When you go to sell, it will come back to affect you selling the house.
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UPDATES: Underground Oil Tank Removal Before house closing
. He told that he removed an oil tank from him home so he know all the procedure to remove the oil tank. He told that it may take some time to get the NFA letter but we will get it. Now the closing date is changed from Nov 1 to Nov 15.
