REAL ESTATE RANT EP2

Tips For Dealing with Oil Tanks

Underground oil tanks are the #1 deal killer in the New Jersey real estate market. Many oil tanks are buried and abandoned and are only discovered when an unsuspecting owner tries to sell. The reason it's such big deal is because a leaky tank can cause serious environmental contamination.

There are, however, several ways to protect yourself from risk of having an abandoned oil tank pop up on your property. Whether buying or selling a home, an oil tank inspection is a must. If a tank is discovered, it's important to get it tested to assess the overall condition of the tank. If it's found to be leaking, it's critical to get a certified environmental remediation company to evaluate the severity of the contamination.

For sellers, all of this should be done BEFORE putting the property for sale. For buyers, a tank sweep is a must. Buying a home with an oil tank can be very risky, so use caution and consult with an attorney and professional oil tank removal company before deciding what to do.