Empty Oil Tank on Property- Meaning?

Question

Hi BP,

I am looking at a property that has an empty oil tank. What does that mean? Am I obligated to do anything in the sense of removal? I know I need to disclose this information if I were to sell, anything else to be aware of?

Risks?

Costs?

Thank you!

Paige

Chris Field · Answer

*cough* it never had an oil tank *cough*

Paige Clarke · Answer

Thank you everyone for your responses to this issue! I went to look at the property and it turns out that it really isn't worth the headache. I was unsuccessful in contacting someone at the State Resources Dept late last week and was too hesitant to want to put the property under contract with a potential looming cost.

I will try to do some research on it anyway and figure out different ways to handle it. Thank you for the leads on who to contact!

Bill Gulley · Answer

Skip the attorney, call the state resources dept, or environmental dept. The size of the tank matters, find out how many gallons it could hold and how full it is. I had one tank above ground, 50 feet from a river that fell over and they didn't care! Had another buried tank unknown size and they cared. After inspection, it wasn't an issue.

Disclosure is the best idea along with the finding of the state resources dept. :)

Matthew Paul · Answer

If its an above ground tank , put it on craigs list in the  " free "  section .

Steve L. · Answer

This is very expensive.  Especially if the property is commercial.  You need to contact someone to remove it and they need to get approval and inspections through many agencies.

John Thedford · Answer

You very well may have some EPA issues. Consult with a knowledgeable RE attorney ASAP. I would consult them before I took any action. You may need a Phase 1 audit to determine what course of action is necessary. Sounds like a Phase II Audit being required is very likely. If the find hazardous materials, a Phase III is going to be required. Contamination issues are the legal responsibility of the current property owner regardless of who caused them.

Craig Smith · Answer

Be careful in NJ if it is in the ground. The cost can easily reach over $25000 and some towns recorded who had them. It has to be removed even if was opened cleaned and filled with rock. Neighbor in Bloomfield had to have it removed in order to close on their house. Wasn't an issue back when they bought it, and luckily the soil tested clean when they removed.

If it's in a basement, list it for free on Craigslist and it will quickly disappear.

Colleen F. · Answer

I suspect it means and unused tank on site you should find out if it is buried or not.  if buried you probably need to remove and the costs associated with removal are higher if it was leaking more so. If it is just there above ground probably less of an issue. I don't have personal experience but maybe someone who does can comment.

Empty Oil Tank on Property- Meaning?

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