Some Things You Wish you Never Heard your Realtor Say
It is only a small underground oil tank in the back yard......
Small or large it is still an underground oil tank and it it is in the backyard of the house that I have an offer on with my clients. When I hear the other realtor say this to me it gives me a massive case of the goose bumps on the back of my neck.
An underground oil tank was used in houses to store the heating oil in the 40's 50's and 60's. After a period of time the new houses that were built were built with other ways of storing heating oil or other ways of heating the home. Those oil tanks were supposed to be empited and decomissioned. Most homeowners did it but there are still a few who did not and the oil tank is still sitting underground in the back yard. In some cases there is still oil in it and this is where the trouble can lie.
It can be a fairly easy job to remove the oil tank. It must be dug up, emptied, and removed or if not removable, filled with sand and hence decommissioned. The trouble lies when the tank has been sitting full of oil. If it has been leaking all of the contaminated soil must be removed as well. All of it! This can turn into a big job and can ruin all of the homes pretty landscaping as well.
It is the Seller's job to disclose on the Property Condition Disclosure Statement if they know that there is an underground oil tank, and then remove it as will have to be done before the property completes anyway. If I am acting as the Buyers agent, I will insert a clause in the offer that will make the seller liable and then we go about our due diligence.
It is only an oil tank but it is still in the back yard of the house you want to buy and the seller must remove it. Sounds easy but most times it never is!
Vancouver Realtor Vancouver Real Estate Home Buyer Buy Vancouver Home Downtown Vancouver Real Estate Claire LeLacheur