Possible deal with a below ground oil tank.

[Patrick Reagan]

Am in negotiations with a seller of a home with a below ground oil tank in New Jersey.The seller agrees to remove the tank prior to closing,while the heating system depends on the tank.Should I also insist on a new heating system as well or is removal sufficient?If I don't insist on the new heating system prior to closing,is there a way to avoid problems,such as a pipe bursting,prior to me getting in there post close and having a new heating system installed?

[Tom Meade]

@Drew Farnese

"thread jack" - I love it!

I can't imagine there are any state specific rules about dealing with UST prior to conveyance, even in today's "Big Brother" environment. If the property is conventionally financed, however, that is a different story. Likely will have to go through the whole process of testing the tank and soil for leaks, and then abandon in place or removal. Definitely get the professionals involved where UST's are present. Don't be afraid or walk away from a deal just because there's a UST - many times this is just another "opportunity" for a knowledgeable investor to solve a "problem" for a homeowner.