What Real Estate Agents Need to Know About Underground Oil Tanks

As a real estate agent, if you are looking to sell a property that has an underground storage tank or underground oil tank, it must be removed by a licensed company. Ignoring a home with an old underground oil tank can negatively impact your sale or your buyer’s satisfaction.  It is important to be proactive and determine whether or not an underground storage tank exists and being transparent with the seller and buyers on the situation. Failure to do so can result in many issues including ultimately losing the sale. Waterline Environmental has compiled a list of factors that impact a real estate agent regarding underground oil tanks.

Complying with the Technical Standard and Safety Authority (TSSA) Act 

As a real estate agent, it may not be critical to know the entire Technical Standard and Safety Authority Act but it is important to trust and consult with experts who do.  The main takeaway from the TSSA is the outline of the appropriate procedures that are required to be taken by homeowners regarding their underground oil tank. As a real estate agent, your buyer requires full disclosure on the existence of an underground oil tank.

Underground oil tanks can affect the value of your home sale

It is recommended that underground storage tanks are removed prior to listing the house and certainly before going closing the sale. If the buyer asks to have an underground storage tank removed before closing, the length of this process can be longer than desired due to potential spillage/contamination.  As a result, the seller may have to spend months and a large amount of money to cover the costs and the buyer may be forced to move in and carry on dealing with the oil tank removal process.  This may ultimately impact the value of your home sale as these cost complications can add up to hundreds of thousands of dollars. Not to mention, it is likely that the buyer may bow out of the purchase or be dissatisfied due to the financial cleanup.

Negative visual for potential homebuyers

Trying to sell a home with an underground storage tank has become increasingly challenging as home buyers are aware of the financial and mental exertion that comes with removing one.  It is recommended to take care of the oil tank removal prior to seeking potential buyers as this can become a negative visual. To increase your chances of selling (and at an attractive price), it is beneficial to have the oil tank removed immediately and the documentation to prove it.

Possible spills can result in remediation costs

It is a lot more costly to remove an underground storage tank after it has leaked or been abandoned than it is immediately upon uncovering. Leakage will likely result in soil contamination, increasing the level of damage done and remediation required.  It is important to get the underground oil tank inspected and removed immediately. An expert would be able to determine if soil remediation is required. Without removing soil contamination, this can negatively affect the environment and public health all while increasing the cost of cleanup.  

Having a partnership with an oil tank removal company you can trust

As a real estate agent, there is a relatively high likelihood of you coming across underground storage tanks that require removing. Similarly to earning the trust of your potential buyers, you should be able to trust your oil tank removal partner.  You want to work with the same oil tank removal company each time to ensure quality and reliable work is conducted every time. This will protect your sale and your customer’s satisfaction, as well as reduce the pressure and stress you may have.  Learn more about why you need an underground oil tank removal partner you can trust.

Contact Waterline Environmental Inc. for all your oil tank removal needs!

In addition to having a reputation of delivering comprehensive, stress-free services, Waterline Environmental is Technical Standards & Safety Authority (TSSA), PM2, and PM3 licensed. We are also environmentally insured and a member of the Ontario Petroleum Contractors Association (OPCA). Contact us today to learn more about why Waterline Environmental is your best choice for a residential oil tank removal partner. President: S.A. (Stu) Ferguson Email: waterline1943@gmail.com Direct: 905-876-8298 Office: 855-333-6604 Fax: 519-856-2149