Underground Oil

Storage Tanks

While the storage of home heating fuel in approved underground tanks is theoretically allowed by law, the reality of such storage could be a potential problem. Seller’s agents will disclose the presence of ust’s in their listing offer, if they are made aware of it, allowing the buyer and their broker to address this issue during the offer to purchase. As a homeowner, if there is a tank and it fails, the homeowner is liable. With the coverage from their homeowners insurance, they would be required by law to hire a licensed remediation company to excavate and clean up the mess. This clean up would include every inch of dirt the oil has touched, including the responsibility of monitoring the property for environmental impact for years after.  If you apply for a loan for the purchase of a home, with a known ust,  banks and other lenders will be hard pressed to approve your application, due to the potential liability.

Mass. Association of Realtors position statement click here