Opinion needed about working underground oil tank in northern NJ

[Hui Song]

Oil tank in old house is common here in New Jersey. I tried to avoid buy a house with oil tank before. Right now, a old house with working underground oil tank accept my lowball offer. I am debating with myself about this deal. I have 3 days attorney review time to make final decision. The house is for sale “as is”. But my offer dies has inspection contingency. I should able to pull out of the deal if I find oil tank leak. 

Does anyone in BP have experience of dealing with working oil tank? Which oil tank leaking testing company do you recommend? Is that test reliable? If I purchase this house, should I keep using the oil heating system? If I convert it to gas, should I keep the tank underground or take it out? Any suggestions will be greatly appreciate. 

[Alecia Loveless]

@Hui Song In The first week of November 2020 I had two 500 gallon underground in use oil tanks removed. There was no contamination. The company took about ten soil samples from both sites. It took about 7 hours to remove both tanks and was $7,000. I suspect the cost for one tank would have been about $5,000 because there was a lengthy drive and they still would have needed all the equipment, the cost for the second one was really just another 3 hours of labor and some fuel.

I believe they were testing the soil samples as they went along and it only took about an hour.

If you do buy the property I would recommend removing the underground tank sooner rather than later in case laws are passed with more regulations making it more difficult to remove them where you do not find yourself grandfathered. Just my opinion.

Alecia