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  1. #1
    Expert Forum User The Ultimate London Mom!
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    Default A buried oil tank on the property?

    I've been looking for a property. Finally found 'the one', offer accepted and everything great until the inspector finds an old burried oil tank out back. My agent knows nothing about this sort of thing. I'm nervous it could have a leak or environmental issues that could cost me a fortune. The sellers aren't concerned and don't want to do anything about it, price wise or removal wise.
    Do you have any knowledge about this sort of thing? Should I be concerned?
    ~ "A friend is one who walks in when the rest of the world walks out."~

    Anonymous......

  2. #2
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    William & Emily's Mom's Avatar
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    Default

    You could try speaking to your lawyer regarding this and hopefully you can make the decision on what is best for you.

    Here is what I have found out about them:

    Old underground tanks can easily corrode. If they still contain oil, leaks can contaminate soil and groundwater. An environmental cleanup potentially can cost more than the value of the property.

    Under current Ontario legislation, all underground oil tanks were to have been registered with the Technical Standards & Safety Authority by May 1, 2002. Those still in use have to be upgraded with specific leak and spill prevention equipment, or be removed.

    If a tank is 25 years old or older, or of an unknown age, it must be removed by Oct. 1, 2006, unless specially protected from corrosion. If a tank is 20 to 24 years old, the deadline is one year later. Tanks between 10 and 19 years old must be removed or upgraded by Oct. 1, 2008. The deadline for all newer tanks is Oct. 1, 2009.

    Unused underground tanks must be removed by a registered fuel oil contractor, and the surrounding soil carefully tested for contamination and cleaned.
    Last edited by William & Emily's Mom; 05-07-2012 at 01:48 PM.

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