Operational Underground Oil Tank (Do I replace it after purchase)

[Richard Parseghian]

Hi Everyone,

I'm currently in negotiations on a triplex in Monmouth County, NJ that has an operational underground oil tank. 

I have a contingency in place for the soil test to ensure there is no contamination, but as it's fully operational does it make sense to immediately remove the tank and install an alternative heating source? 

My gut says yes to avoid playing Russian roulette with this, but if anyone does have on operational underground tank on a property I would be interesting in hearing what your rational was for keeping it.

If I do remove the oil tank I have a few questions I was hoping the community could help me address:

1. What would I do with the existing oil in the tank. (Can I resell this?)

2. What is the best heating system to replace the oil based furnace. (Based on what I see it looks like gas is the way to go since it can use the existing radiators)

3. Are tank removal companies heavily insured? I want to make sure if I hire someone to remove this tank and they botch the job that I'm not stuck paying for remediation. If had good experiences with a specific NJ company please let me know the company name.

4. Are sellers typically open to removal of an operational tank prior to closing if I front the costs?