What to Know About Selling a House with an Oil Tank in New Jersey
When selling a home with an oil tank, both the seller and buyer may face their fair share of fear and confusion. Here are some things you as a seller need to keep in mind when it comes time to sell your home with an oil tank.
Generally speaking, this is how you can expect to deal with an oil tank when selling your home:
- Tank Sweep – An oil tank sweep will be conducted at the property. Typically, the buyer coordinates this as part of their due diligence. An environmental consultant will be brought in to search the property with a device like a metal detector and/or GPR (ground penetrating radar) to confirm the presence or absence of an oil tank. (Cost: $250-400)
- Soil Sample – If evidence of a tank is found, the buyer may elect for a soil sample. The consultant will drill down into the ground near the oil tank to collect multiple samples of the soil surrounding the tank. The soil samples are then sent off to a lab to determine if the soil contains compounds that indicate soil contamination from a leaking oil tank. This can provide an indication of whether the site will require a more simple, less costly tank removal or if additional remediation will be required. (Cost: $500-750)
- Tank Removal – The next step is the removal of the tank by a licensed environmental consultant. Typically, this is done with the oversight of an inspector from your New Jersey municipality to ensure that any leaking will trigger proper testing. (Cost: $1,800-2,500)
- Remediation – If the soil samples after the tank removal shows evidence of contamination, the site will require remediation (i.e., soil clean-up). (Costs: $8,000-20,000+)
*All costs are approximate and can vary widely. Please consult an environmental consultant.*
Once your property is identified as housing an oil tank, it’s often tough to sell without addressing the issue as the seller is obligated to disclose the presence of the tank to the future buyer.
If your tank or property is contaminated, be aware of the following:
- The property and/or the oil tank are subject to state oversight.
- Permits and adequate remediation can take weeks, and often, months.
- If your property requires oil contamination remediation, costs can range from ~$10k to upwards of $100k.
- On average, one in three removed tanks show evidence of leaking and warrant further examination and potential remediation.
All of the required inspections and even a possible removal or remediation, delay the timeline the seller faces.
Did your sale fall through because of an oil tank?
Are you unable to sell your house in New Jersey because you cannot afford to pull the tank? We’d love to help; contact us today for an offer AS-IS with a quick closing.