Underground storage tank (for oil, fuel) in Indianapolis

[Orr Kichin]

Hey there,

I've made an offer on  property from 1959 and it was accepted.

Now I realize  there is an underground storage tank- that was used either for oil or fuel, and I don't know what to do.

I understood from my agent , that it must be filled with gravel/earth (if it's not filled already) and then it is not a problem.

But , I'm still worried - what can be the outcome of buying a house for buy&hold with this tank?

What is the best way to handle this issue?

Should I even purchase it- or is it bad news from the start? 

Thanks for any help!

[Charlie MacPherson]

A lot of that will depend on your state's particular laws - both on how a non-leaking tank is to be decommissioned and how a leaking tank is handled.

If there is a leak, now is the time to find out, and possibly back out of the deal, even if you sacrifice your EMD.

Here in MA, someone who buys a contaminated property acquires the responsibility for cleanup.  It could even be attached as a particular kind of lien known as an "Order of Conditions".

First step is to get the facts.  Get a soil test and see where you stand.  

While waiting for results, formulate your plan B - and you should run this by an attorney if that test comes back positive for contamination.