Selling a Home with An Oil Tank – What Realtors, Sellers Need to Know Much of what can be read about oil tanks online are “buyer beware” stories about leaking oil tanks that have ruined the value of their investment, and advice to be as thorough as possible when it comes to making sure an is oil tank out of the ground before closing on a property. But you own a home in New Jersey with an [...]
New Jersey Oil Tank Regulations We have shared a lot of information previously on the environmental and financial risks of having a corroding oil tank on a property. In this post we will share a little bit more information on New Jersey’s regulations governing these underground storage tanks (USTs). Here we’ll be referring to tanks categorized as “Unregulated” by the NJDEP, which are the oil tanks ERC most frequently deals with. An unregulated tank [...]
Factors Effecting Oil Tank Life Expectancy In a separate post we have given a general overview to the question, “How long does an oil tank last?”, so let’s get more into detail about the variables that impact the life expectancy of an oil tank. Oil Tank Materials The first and probably most obvious factor is the physical makeup of the oil tank itself. Most residential oil tanks are made from 14-gauge to 12-gauge [...]
Underground Oil Tanks and Environmental Due Diligence In New Jersey and throughout the United States, the demand for environmental site assessments has gone way up in the past couple of decades. This is a result of the interpretation of the Comprehensive Environmental Response, Compensation, and Liability Act (Superfund) by courts, which have held that a buyer, lessor, or lender of property may be liable for the cleanup of hazardous substances on that property, even [...]
My Oil Tank Leaked! What Do I Do Now? When an oil tank is removed at a New Jersey residential property, the tank and excavation site is then visually inspected for signs of a leak. Indications will be rather straightforward- there might be holes in the tank or stains in the soil, for instance. Let’s stop right here for a moment. Note that some companies will try to get you to pay for soil testing [...]
Buried Oil Tanks: A Potential Hazard for New Jersey Home Buyers In the case of older homes, buried residential oil tanks are not uncommon in New Jersey. Up until the 1960’s and 70’s, homeowners routinely chose this storage option for their heating source. Home owners were unaware of the environmental risk, and it was simply the accepted thing to do for your home heating. Buried Oil Tank Hazards Today, we are all aware of the [...]
Which Type of Oil Tank Do I Need? In many parts of the country, oil continues to be the only option for heating a home. Many homeowners, in these situations, find themselves needing to replace their ancient oil tank. Whether they inherited the tank through the purchase of a home or it’s been so many years since they first had their tank installed, the gut reaction is generally to simply ask for the exact [...]
Can I Abandon an Underground Oil Tank? When a homeowner converts to natural gas heating from oil, the assumption is that the tank must always be removed. However, there are situations where the disruption to the property makes it nearly impossible to remove the tank, or where the homeowner feels that it is not worth the time or the money to remove the existing tank. In these cases, homeowners do have the option to [...]
How Long Does an Oil Tank Last? Many homes have tanks that were installed prior to the late ‘90’s. These tanks have a life expectancy of 15-20 years, which means that, today, the majority of them are ready to be removed, remediated, or replaced. Early oil tanks were made of pure steel and these continue to be the most common type of existing tank today. Current homeowners are purchasing tanks that are made of [...]
How Can I Tell If My Oil Tank is Leaking? As oil tanks leak from the inside out, many homeowners may not realize their unit is leaking until it is already too late. Tanks that are unprotected and buried in soil will corrode the quickest, followed by those located outdoors, but aboveground and exposed to the elements. Finally, tanks that are protected in the basement of a home are the last to experience corrosion; [...]
