What to Consider When Buying Property with an Underground Fuel Storage Tank

When you’re in the market for a new property, there are countless aspects to consider. One item that can often slip through the cracks is the presence of an underground fuel storage tank. You might be wondering, “Why should I even care about that?” Well, if you’re not cautious, it could end up costing you big down the line!

So, what’s the scoop? First things first—let’s address the responsibilities involved. Not every property seller is forthcoming about what's lurking beneath the surface. If there's an underground tank, it's essential that the seller provides transparency about it. This is where things can get a little tricky. Are you aware of the relevant regulatory requirements? A preprinted clause might even mention these tanks, but you'll still want to dig deeper.

The golden rule here is to ensure that the seller is representing and warranting that the tank complies with all applicable regulations. Imagine discovering after purchase that the tank doesn’t meet the required standards—yikes! Not only do you risk serious legal and financial consequences, but you'll also have a potential environmental nightmare on your hands.

Speaking of nightmares, here’s a thought: What if the tank is found to be leaking? The environmental hazards of leaks or contaminations can be serious. Think costly remediation efforts, possible legal fees, and worse—damage to your property’s value! That’s why it’s crucial for buyers to consider including a specific condition in their agreement. What kind of condition, you ask? How about having a TSSA-approved contractor evaluate the tank to establish its compliance with current regulations? This proactive step ensures you understand the implications of that storage tank before you finalize the deal.

And let’s not forget about due diligence! Buyers have every right to ask for a full environmental assessment before signing on the dotted line. It’s not just a protective measure; it's a savvy move that could save you heartache down the road. If the contractor discovers non-compliance, you can negotiate the removal or remediation costs upfront, sparing yourself from future headaches.

“So, what should I do if I find the tank is non-compliant?” Great question! Ideally, you'd want that tank out of your hair before you take possession of the property. And yes, including a clause about the seller’s responsibility for removal or proper management of the tank can be a game-changer in your negotiation.

The power of knowledge cannot be understated here. By ensuring that you're enlisting qualified professionals to assess the situation, you're making an informed decision that upholds your interests that could one day save you from significant financial fallout. So, do your homework, and don’t shy away from asking tough questions! You'll thank yourself later when you're enjoying your new home, worry-free.