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Buying or Selling a Home? Here’s What to Do With An Oil Tank

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What to do?

Moving between homes can be a stressful time. There are loads of things you need to do to both prepare a house for sale and be prepared to buy. But what do you do when it comes to oil tanks? What do you need to know? Good news, we’re here to help.

When Buying

When you’ve found a new house that you’re interested in one of the first things you should do is have the house inspected. One of the most important things to check is the oil tank (if it was left in the house). This can be either aboveground or underground, and can have serious repercussions if it is damaged.

If the tank is left inside the house, make sure that it is clean and that there are no leaks. Oil leaks can be very expensive and depending on contracts, the payment will be on you, the new home owner. Outside tanks that are underground can be even more dangerous, and some states even have laws that prohibit them from being left underground.

If an underground oil tank is on the property, we suggest checking with your insurance company to see if they will allow it to stay or if the existing homeowner must remove it.

 

When Selling

When you’re selling a house it’s important to make sure it looks as good as it can, and you know what that means: CLEAN. This includes your oil tank! Check for any leaks/corrosion that you might find, always seeking additional help when the job becomes too big.

If you plan on leaving your oil tank in your house (or underground) when selling, make sure to have an inspection done that you can show to a potential buyer. By having a recent inspection, you can let the new homeowner feel confident that there won’t be any leaks or damages.

Consult with local laws and a real estate agent when selling to make sure you cover everything. Remember, it may feel like a little extra work now, but it could save you thousands of dollars in damages in the long run if taken care of correctly.

Good luck!

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Sources/More Readings

Removing underground oil tanks:
http://info.buyersbrokersonly.com/blog/bid/365612/What-MA-Home-Buyers-Should-Know-About-Underground-Oil-Tanks

Massachusetts Laws:
http://www.mass.gov/eea/agencies/massdep/cleanup/regulations/removing-your-underground-heating-oil-tank.html

Insurance Policies:
http://www.mass.gov/eea/agencies/massdep/cleanup/regulations/homeowner-oil-heating-system-upgrade-and-insurance-law.html