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Consumer Guide to Oil Tanks

Consumer Guide to Oil Tanks

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This FAQ outlines your obligations as a seller concerning the disclosure of buried oil tanks, and who is responsible to remediate any environmental issues they create.

I am listing my home and I know there is an old oil storage tank in my yard. Do I need to let a buyer know?

Yes. If that oil tank is leaking or causing any damage to the property, it may be a material latent defect. Material latent defects must be disclosed to potential buyers before you enter into a contract with them. Talk with your real estate professional about your concerns and consider obtaining legal advice.

I am a buyer and want to buy a home in an area that is known for having buried oil storage tanks that are no longer in use. The seller indicated they are unaware of any tank on the property. What do I do?

If you believe there may be an oil storage tank on the property, speak with your real estate professional. There are subjects you can add to your offer to address potential oil storage tanks such as having an environment engineer inspect the area and perhaps even including a holdback to deal with potential remediation if a tank is found.