Underground heating oil tanks can pose many potential problems to both home buyers and sellers. They have been the source of many environmental problems such as contamination of surrounding soil and ground water.

Leaks are caused by the rust inside underground tanks, or by an electrical condition sparked by electric utility lines.

Buyers should have the tank inspected to make sure that it is structurally sound. Buyers who do not want an underground fuel tank can arrange for an above ground tank to be installed in the basement, an underground tank to be shut off. Cleanups of any leaks will also have to be taken care of.

For buyers, the underground heating oil tank should be written in the sales contract. For sellers, your lawyer should make sure that the description and condition of the underground heating oil is accurate and up-to-date.

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When purchasing a piece of property, it is important to be aware of any environmental liabilities associated with it. For example, you should find out if there are any registered underground tanks within several miles of the property, any known contaminated properties in the neighborhood, or any property owners who have been fined by the government for failing to meet environmental safety standards.

Before, it took a costly site investigation for the information, but now there are online environmental databases available at a fraction of the cost. Anyone can access reports on otherwise hard to detect environmental issues. With these databases, it is possible to obtain a listing of hazards near a property, or spills and violations attributed to businesses nearby.

Some reputable databases include VISTA Information Systems, located in San Diego, California, which allows you to register and search the data bank for free, and E Data Resources, which is located in Southport, Connecticut. These services are all relatively inexpensive, but can provide you with priceless information that is useful before you make a purchase.

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