Why Should you be Aware of Oil Tanks on your Property?

Here's a topic we get asked about quite a bit: oil tanks on the property. 

So, if you own an older house and you're considering selling, you may want to know about oil tanks. 

If you're thinking about putting a house on the market, and the home was built before 1970, how do you know if you have an oil tank on the property? Why's this an important factor to note?

Before you list, it's important to make sure if you don't have conclusive evidence, then you know whether or not you have an oil tank buried on the property.

There have been many homeowners who when it's time to list their home on the market, have said that they do not have an oil tank or have never seen one, or that it's always been gas. Only to find out that they did in fact have an oil tank buried on their property. 

So why is this important to note?

If the buyer finds out between selling and completion, the buyer will not be able to get a mortgage on the property. Banks will not finance a house or property purchase where there's a buried dormant underground oil tank on the property. 

This makes it a very important step in the process before someone decides to list their home for sale. It is why we ask all of our clients whether they have evidence of an oil tank removal or if they have an oil tank certificate saying there is or isn't one. If they do not have any of these, we order a scan to get that done.

That way when it comes to marketing the property, we can list the property accordingly so that there is no oil tank issue. 

As previously mentioned, this is a crucial step in the process for both sellers who are selling their homes, and for buyers to be aware of.

If you enjoy these tips, stay tuned for more in our upcoming videos, and send us your questions!

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