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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.
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Listing Information Copyright 2019 Multiple Listing Service of Lake Ozarks Board of REALTORS®, Inc. Listing Information Copyright 2019 Multiple Listing Service of Bagnell Dam Association of REALTORS® MLS, Inc. The data relating to real estate for sale on this website comes in part courtesy of the Broker Reciprocity Internet Data Exchange Program of the Multiple Listing Service of Lake Ozarks Board of REALTORS®, Inc. The data relating to real estate for sale on this website comes in part courtesy of the Broker Reciprocity Internet Data Exchange Program of the Multiple Listing Service of Bagnell Dam Association of REALTORS® MLS, Inc. Real estate listings held by brokerage firms other than John Farrell Real Estate are governed by MLS Rules and Regulations and detailed information about them includes the name of the listing companies. The information being provided is for consumers' personal, non-commercial use and will not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information herein is believed to be accurate and timely, but no warranty as such is expressed or implied. Information last update on 2019-08-24