An underground heating-oil tank is a sleeping giant usually left undisturbed until the house hits the market.
Nobody wants to pay for the costly remediation of soil contamination.
Although it’s not a law, buyers attorneys and mortgage lenders typically insist upon determining whether there is a buried tank.
If a buried tank is found, removing it typically costs around $1,500 to $2,000 – if it’s not leaking. But if it has leaked oil, cleanup costs can run into the tens of thousands or even $100,000. A licensed tank professional should report removal/clean-up with the state which requires a fee of $75 to $100. In Connecticut approval is required by the Fire Marshall.
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