China, ME · Member since 2014 · 3k+ posts · 4k+ votes
9y
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.
China, ME · Member since 2014 · 3k+ posts · 4k+ votes
9y
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.
Residential Real Estate Broker · Indianapolis, IN · Member since 2009 · 477 posts · 304 votes
9y
@Orr Kichin I just sold a house with buried tanks in broad ripple. Probably cost you $1000-1500 to get it dealt with. In my case there was a 550 gallon tank buried and it still had 350 gallons of oil in it. They pumped oil out filled it with a cement based mix and back filled the hole. Buyers were happy with the remediation.
Send me a Pm and I can hook you up with a couple of people to deal with it.
If you deal with it yourself make sure to document with pictures exactly what was done.
China, ME · Member since 2014 · 3k+ posts · 4k+ votes
9y
@Orr Kichin I would think so, but you should move fast. I'd take some comfort from @Lee Smith's post, but if there's a leak, you need to get out in front of the situation ASAP.
Hopefully the test comes back clean and you're only investing the amount to have it filled in.
Residential Real Estate Broker · Indianapolis, IN · Member since 2009 · 477 posts · 304 votes
9y
if it leaks: Can't remember if they need to remove the tank or can just backfill it. They can quote it pretty quickly. Just request an extension on your inspection response timeframe.
Investor · Louisville, KY · Member since 2015 · 8 posts · 6 votes
9y
@Orr Kichin Heating oil USTs in Indiana are not regulated, ie there is no requirement to report to IDEM about the removal. Have the tank pumped of any remaining oil and either go ahead and dig it up or have it backfilled with flowable fill. As far as cost goes it will vary but $1500-$2000 should be you taken care of. Shouldn't take more than a couple hours to have it taken care of. My opinion is to pull the tank vs leaving it in place. The biggest thing is make sure they are a reputable company that will dispose of the heating oil or recycle it. Not Billy Bob with a backhoe.