Real Estate Transactions

At Innov8tive Environmental Services Inc. (IES), we know how stressful buying and selling a home/building can be, so protecting one of your biggest investments is our top priority. It is of the utmost importance that as the seller/buyer you ensure that the oil tank is in top condition to potentially save yourself from future additional expenses.

At IES, we understand there are many things to consider before making a big investment. While you tend to focus on the visible aspects of the home/building, it is easy to forget about the parts of the property that may be underground.

A leaking oil tank is a serious issue because it will likely contaminate the property and reduce the value. Here are some helpful tips for buyers to keep in mind:

• Always assume that older homes used oil to heat their homes in the past. Most homes built prior to the mid 1960’s used an oil burning heating system with either an underground tank or an above-ground tank.
• Ask the inspector or contractor to locate any underground or above ground tanks on the property and to make a notation on the inspection report.
• The existence or possibility of buried tanks should be addressed prior to purchasing the property. Even if the seller claims no knowledge on the disclosure form, it would be wise to add this as a contingency on the offer to purchase.
• Old tanks can leak oil over time contaminating the soil and groundwater. This contamination could go on for years before it is detected. If there is evidence of an underground tank, you, as a potential buyer, should request that a soil sample be collected beneath the tank to evaluate if the property has been contaminated.

At IES we know that you want to sell your property quickly, but unfortunately that is not always the case. It is not uncommon for a buyer to ask a lot of questions about the oil tank (as they should). That’s why IES is here to help you get your oil tank requirements in order to help you sell your property.

If your oil tank has been out-of-sight and out-of-mind, then you may run into some issues while trying to sell your property. Here are some helpful tips for sellers to keep in mind:

• If contamination is discovered, the property cannot be sold until the contamination has been cleaned, as per State requirements.
• Filling abandoned underground tanks with sand or other material will not relieve the owner from responsibility for contamination. IES is available to conduct a simple preliminary inspection to evaluate the abandoned tank and evaluate if impacts may be present.
• Underground oil tanks that have been previously removed may still create a liability for the current owner if there is no evidence that soil samples were collected. Having the soil tested allows you to provide evidence to a buyer that you have taken appropriate action to correct any problems.

Trying to sell your property and need help with oil tank issues? Contact Us and we will come out for a consult right away so that you don’t lose your potential buyer.