Buried Oil Tanks

The only way to eliminate the hazards that come with an underground oil tank is to remove the tank from your property.

Buried oil tanks.

A home buyer s guide to buried oil tanks the risk of oil leaks means risk of major cleanup costs. In some cases a residential mortgage lender may make a residential buried oil tank s removal a. Typically these tanks are constructed of steel and can range in size from 50 gallons to 20 000 gallons. This is not always true with ust s.

First if your oil tank sprouts a leak the cost of cleaning the contaminated soil and water can stretch into thousands of dollars. There are two basic types of home heating oil tanks above ground storage tanks ast and underground storage tanks ust. For those that use oil heat this means replacing it with an above ground tank. Most home heating oil tanks are not regulated by new york state s petroleum bulk storage pbs regulations because they have a capacity of less than 1 100 gallons see the pbs registration fee worksheet pdf 11 65 kb for more information.

Underground heating oil tanks. The risks of an underground oil tank range from environmental and legal to financial and health related. Insurance may only cover a portion of these costs further increasing your risk. Risks of buried oil tanks.

Many homebuyers refuse to purchase homes with buried oil tanks until those tanks are removed. The buried oil tank risk. If you are purchasing a property where there is or was an oil storage tank that has been abandoned or removed you should be sure to read home buyers guide to oil tanks. Remove the underground oil tank.