A recent first for me was representing a buyer-client in the purchase of a home that happens to have an in-ground fuel storage tank.
I say, "...happens to have...", now, but at the time my thoughts were more like, "Oh my God! There's an in-ground fuel storage tank! Everybody run!"
Of course, I maintained my usual controlled composure and professional demeanor with my client as these thoughts raced near-hysterically and unprofessionally through my brain.
The seller's agent was clearly no more knowledgeable about in-ground fuel tanks than I. The seller's agent was, in fact, equally alarmed and a whole lot less pokerfaced. He immediately assumed the tank was a problem and a deal breaker because his client could not afford its removal and replacement.
Since this situation was one with which I clearly had no previous experience, my solution was as it always is in such situations, ask a professional. So I called a home inspector. His response did a lot to alleviate our concerns.
The EPA and New York State do not regulate home fuel oil storage systems because they have less than a 1,100 gallon capacity. Government agencies do, however, provide recommended guidelines. Those guidelines do not demand removal of in-ground tanks unless they are leaking, but the guidelines do recommend removal as a means of avoiding possible future leakage problems.
In the end, the property owner paid for an inspection of the tank, the tank passed, and the transaction is proceeding.
It occurs to me that I am probably not the only agent who has only the most rudimentary understanding of in-ground fuel storage tanks, their maintenance, and the rules governing them. Here are a couple links to official information on the subject.
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Rosario,
Thanks for posting this. I have absolutely no idea (or had, until I read your post) what to do when underground storage tanks are involved. I think this is a great example of having the right connections to get answers to the questions we have. I'm happy your deal is moving forward.