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 caused by the rust inside underground tanks,
or by an electrical condition sparked by electric utility lines.
Buyers
should 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, an underground tank to be shut off.
Cleanups 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 is accurate and up-to-date.