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Updated over 4 years ago on . Most recent reply
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Property with In-Use Underground Oil Tank
Hello! I have spent the past year reading these forums and books in prep for my first purchase, and one major take-away is to be extremely cautious on properties with underground oil tanks. The instructions on how to proceed on a house with an underground decomissioned oil tank are clear. i.e. Only purchase the property if the seller removes the tank and tests the soil, and a clean bill of health is given. If this cannot be done, find another property.
I have come across a property I want to move forward on, but it has an In-Use underground oil tank. Are the risks the same with an in-use underground oil tank? Should/Can the same strategy be used in regards to the offer language with an in use oil tank? I.e. offer is based on oil tank removal + clean bill of health?