Warning to new lake home buyers: underground oil tanks
November 14th, 2007 by Bob Bly
Many older lake homes have underground oil tanks, leaks from which can pose a hazard for the environment and a huge liability for the home owner.
If you are buying a home, do not sign the contract until the seller removes the underground oil tank and has it “decommissioned” (certified as properly removed and free of oil leakage in the area).
If you buy a home, you take on all liabilities, including underground oil tanks — the removal and clean-up of which, if it has leaked, can cost upwards of $90,000.
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