UNDERGROUND OIL TANKS

This is what home owners and home buyers wish to avoid. For full story, see  http://www.nj.com/mercer/index.ssf/2009/10/tank_removal_project_leads_to.html

My view for best practice for home resales, the contract of sale should contain a clause regarding the existence of an underground tank and that it has been removed or abandoned legally. Here in Nassau County, all tank removals and abandonments are recorded on a county database and a record can be obtained through the Health Department by calling (516) 227-9691.

ON SELLING A HOME WITH AN UNDERGROUND OIL TANK

Some home buyers will run away from a home with an underground oil tank. As noted by one company: "It can cost around $1,500 to remove an oil tank, but a clean-up can cost anywhere from $3,000 to $8,000. That’s a lot of money that new home owners don’t want to take on. Environmental damage can bump this number up to six figures – an extremely high risk for new homeowners."

For homeowners in Nassau County, the county has on their website some helpful information: 

https://www.nassaucountyny.gov/3060/11593/Homeowner-Underground-Tank-Information?activeLiveTab=widgets

FOR NEW YORK HOMEOWNERS WITH OIL TANKS

From the NYS AG:

"The Oil Spill Law, enacted in 1977, provides that anyone who discharges petroleum without a permit - even a very small amount - is "strictly liable" (liable without regard to fault) for all cleanup and removal costs. As a result, the owner of the oil tank from which the oil spilled or leaked - such as the homeowner whose heating oil tank leaks - may be required to pay for the cleanup regardless of whether the homeowner's actions "caused" the spill or leak. "

For a full discussion, see http://www.ag.ny.gov/environmental/oil-spill/introduction