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Hi we are interested in buying a house that has an underground oil tank that is in use. The current owner has proguard on the tank and a home owner's insurance . Is it worthwhile to close on the house, take ownership, get proguard & insurance transfered to our names and then pull the underground tank and replace it with aboveground tank when we are the owners of the house?
Everyone we talk to is suggesting that we make seller replace underground tank with above ground tank before contract and closing. This is the safest option. But the problem is in case there is contamination we could potentially keep waiting for months.
Rather than the indefinite wait on seller's time, we are thinking we may be better dealing with the cleanup on our time. Bad idea?
As long as the tank is less than 20 years old and is in use, you have nothing to worry about and there's no reason to remove it. Underground tanks have been safe since the 1980s and are still very standard in most of Westchester, including in new construction. The rules for what materials were used in tanks changed in the 80s and the risk of leaks became minimal. Old unused tanks pose a huge risk, but newer in-use ones don't at all. Check out the state DEP site, which has info on this.
If the tank has been professionally inspected and the surrounding soil tested, and it is deemed "failed" it will be automatically registered as a "failed" tank with the DEC. All elements will need to be retested/new installation and deemed "cleared" before the DEC releases the tarnished mark on the property.
Even if you get it cleaned up, some subsequent buyer can still come back and sue later on. My uncle has been in litigation for years over a house he sold with a supposed clean bill after a tank leak.
If its older than 20 years and/or has leaked, I'd certainly make the owners deal with it before purchasing it--and I'd probably not get involved with it all.
Americansman, no underground tanks are totally up to code and very much standard practice. We put ours in and since we're in the Watershed the DEP observed and certified the entire process.
The tank does not have to be pulled out. They can treat it by emptying the tank, filling it with a special foam, and call it "abandoned in place." The company gives you the paperwork to show that it's been done according to the environmental regs. It cost me $2500. Then I just set up a new tank in the basement.
If there was contamination, my homeowner's would cover it.
Maybe you can split the cost of tank treatment with the homeowner while they still have their insurance.
The company that treated the tank was called Lauzon.
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