Crosstown Marketing Group

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Everything You Need to Know about Oil Tanks

Whether you are selling or purchasing a single family home, oil tanks are one topic that you need to pay attention to from the beginning.

Part 1: Why Should I be Concerned about an Underground Oil Tank?

Video Script:

Hello I am Emily with Crosstown Marketing Group at Sutton Centre Realty and I am here to answer the question, “Why should I be concerned about an underground oil tank?”

Many homes built prior to 1970, relied on underground oil tanks to heat their homes. After that of course when natural gas came in, they were no longer necessary and most of them were either filled with sand or capped. As time has gone on they have started to corrode and rust. This created a problem with leftover oil leaking into the ground causing major damage to waterways, neighbouring properties and just an environmental hazard all together.

The law now requires that any home with an underground oil tank have that oil tank removed and any of the contamination cleared out. This creates a problem for both buyers and sellers. Buyers may have a hard time obtaining insurance and financing, making it almost impossible for the seller to sell for the most amount of money.

So if you are thinking about buying a detached home that was built prior to 1970, call us to find out how we can help to protect you against the presence of an underground oil tank.

I am Emily with Crosstown Marketing Group and I talk Real Estate.

 

Book your Consult Now!

 

Part 2: Who is Responsible to Pay for the Removal of an Underground Oil Tank?

Video Script:

Hello I am Emily with Crosstown Marketing Group at Sutton Centre Realty and I am here to answer the question, “Who is responsible for and who is responsible to pay for the removal of an underground oil tank?”

The short answer is that it is the current owner. However any previous owner of the property could also be liable for the cost of that removal. If you are thinking about selling a home and you may have an underground oil tank or you are thinking about buying a home that may have an underground oil tank, it is better to deal with the problem before hand. This ensures that buyers can buy with confidence, knowing that they will be able to get financing and get insurance and Sellers will be able to sell for the highest amount of money.

I am Emily with Crosstown Marketing Group and I talk Real Estate.

 

Book your Consult Now!

 

Part 3: How do I Find Out if a Home Has an Underground Oil Tank?

Video Script:

Hello I am Emily with Crosstown Marketing Group at Sutton Centre Realty and I am here to answer the question, “How do I find out if a home has an underground oil tank?”

The best way to find out is to hire a company that specializes in scanning for underground oil tanks.

There are two types of scanners that are commonly used. One is a standard metal detector search, which can be very useful if there isn’t anything else that could get  in the way of them finding just the metal from the oil tank. However id there is any rebar or any kind of metal on the property this may not be 100% effective. You may have to go for a ground penetrating radar scan where they will be able to tell the difference between rebar or other metal products and an underground oil tank.

The costs of these vary from about $125 to$450 dollars.

I am Emily with Crosstown Marketing Group and I talk Real Estate.

 

Book your Consult Now!

 

Part 4: What is Involved in the Removal of an Underground Oil Tank?

Video Script:

Hello I am Emily with Crosstown Marketing Group at Sutton Centre Realty and I am here to answer the question, “What are the steps involved in the removal of an underground oil tank?”

The first thing we always recommend is make sure you hire a good, reliable and reputable company. They are going to help you through the entire process and know exactly what they are doing.

The next step after hiring a reputable company is that they will get a permit from the city or municipality. Then they will have to come and pump out any oil that is left in the tank. They will then remove the tank itself. Then they will check the soil to see if the soil needs to be re-mediated. If it does, that soil will be removed and disposed of properly. New clean soil will be delivered and put back. Then a report will be drawn up and sent to the municipality and held on record for the property.

I am Emily with Crosstown Marketing Group and I talk Real Estate.

 

Book your Consult Now!

 

Part 5: What Does it Cost to Remove an Underground Oil Tank?

Video Script:

Hello I am Emily with Crosstown Marketing Group at Sutton Centre Realty and I am here to answer the question, “What does it cost to remove an underground oil tank?”

That depends on the contamination. If there is no contamination and the tank just simply needs to be removed with permits, it’s probably going to cost $3500-$4000.

Unfortunately we have seen cases where it has gone into the hundreds of thousands of dollars when contamination has spread.

The best thing you can do is deal with it as soon as you know you have an oil tank, to avoid contamination and spreading.

I am Emily with Crosstown Marketing Group and I talk Real Estate.

 

Book your Consult Now!

 

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