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Real Estate: Buried Oil Tank, Impact on Sale

Impact of Buried Oil Tank on Home Sale

If you are one of many homeowner's who is thinking about selling and you have a buried oil tank, you may want to investigate the cost to abandon the buried tank and install a new one above ground! 

Why?

There are several reasons for this process, one being homeowner's insurance for the new purchaser.  Insurance companies are raising premiums for such properties, if they will even write a policy!  There are only a few remaining who will write a policy for a buried oil tank.  The cost of a policy is also considerably more money if you are lucky enough to be able to obtain this policy.

Although it is not mandated, any homeowner with a buried oil tank should be aware of the difficulties it may cause in selling a home - not just environmental, but insurable for the new purchaser!     

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Bill Smith August 26, 2011 at 07:38 AM
Generally, underground oil tanks can be abandoned and replaced with an above ground or indoor oil tank for less than $2,000. In Suffolk county, tanks less than 1,100 gallons may be abandoned in place. No testing is required to abandon a tank. New York State requires that all abandoned heating oil tanks be emptied, cleaned and purged of all vapors. The contractor must completely empty the old tank and all underground lines, including the vent, suction, return and remote fill ports. The vent and fill lines must be cut or removed below grade to prevent any possibility of an accidental delivery after abandonment. Underground tanks must be completely filled with an inert material such as sand, concrete slurry or an approved foam product. Contact an Oil provider or Oil Tank specialist for an estimate for abandonment of the old tank and the installation of a new tank.

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