My in-laws have an active oil tank in their backyard. I wanted to see
what could be done to protect their interests and found that, as a result of the
Heating Oil Pollution Liability Act of 1995, a fund is available in Washington
to cover the cost of leaks and other environmental damage up to $60,000 This
program is available to owners of registered residential oil tanks only, and
does not cover pre-existing oil leaks. More information is available at the
Pollution Liability Insurance Agency.
The Real Property Transfer Disclosure Statement, which most
sellers of residential property in Washington are required to complete,
specifically asks the question: "Are there any tanks or underground storage
tanks on the property?" In most instances, the existence of fuel storage tanks
must be disclosed prior to transferring property. Many times I see the 'No' box
checked when the seller really doesn't know, which is why I, personally, don't
always trust the answers given.
https://teamcoker.robertpaul.com - Falmouth, MA
Heath Coker Berkshire Hathaway HS Robert Paul Prop
Underground tanks are a business here. Removal isn't too bad for non-leaking ones. But spring a leak and lose your 401K. It makes the electric heated homes look more appealing!
May 30, 2008 06:59 AM
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