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Information for Realtors

Win-Win Deals

As a realtor you are in the business of moving a house from the seller to the buyer. This means that the property, the selling price, and all of the "strings attached" are considered a "win-win" deal for both the buyer and the seller. For most homes built before 1970, achieving the sale will include addressing issues related to a buried heating oil tank.

You don't have to become an expert on oil tanks or contamination cleanup. SLR Environmental Contracting is here to help support your realty business. However, we hope that this web site will give you the basic knowledge that you need to approach these older homes with confidence.

What you need to know: The Quick Course

Most homes built before 1975 used an underground tank for storing home heating oil. These bare steel tanks have been corroding out-of-sight for at least the past 30 years. This is long beyond what most experts claim as the life expectancy for this type of underground tank. Over time, leakage from even a small corrosion hole, can gradually cause significant soil and/or groundwater contamination.

Because environmental laws regarding underground oil tanks and petroleum contamination were basically non-existent until the late 1980's, oil delivery companies may not have been as cautious delivering oil 30 years ago as they are today. Consequently, underground oil tanks may have experienced numerous over fills and filling drips during the years. Over time, this too can cause significant contamination. Unless excavated or treated in some other way, heating oil contamination is very slow to "go away." Contamination that occurred from a tank leak or spill 30 years ago may still be at the property.

Since environmental laws were enacted, there has been a growing awareness about the potential hazards related to purchasing homes that used a buried oil tank. Even if the tank is empty or has been removed, soil and groundwater contamination may exist at the property. If you and the home owner do not have a report documenting that the property is clean, you may not be able to sell the house as quickly and as easily as you would like.

For Property Listing Agents:

Don't ignore the possibility that there is a tank or contamination still at the property that you have listed.

Most houses built before 1975 used an oil tank to store heating oil. Probably 95% of the houses built before 1965 used an underground storage tank for home heating oil. Realtors are already required to disclose the presence of an underground tank at property, but disclosure alone is not good enough for educated buyers and their mortgage companies.

SLR Environmental Contracting can conduct a free property inspection to determine if an underground tank is still buried at the property. From that information, we can provide you with specific options for you and the home seller, given your specific situation.

Don't lose the buyer at closing.

Don't assume that the buyer won't ask specifically about an oil tank and contamination. This issue is coming up more and more. Undoubtedly, this trend will continue to increase. The realtors who learn about this issue and are proactive to solve the tank and contamination problems before closing time will be more efficient at selling these types of houses.

To enhance your efforts selling properties we recommend the following actions:

• As soon as you list an "older" property, let SLR Environmental Contracting inspect the property to help advise you and the home seller on what your specific situation requires.
• It may take more than a few weeks to properly close the tank and clean up any contamination. Therefore, let us help you get started right away. All requirements could potentially be completed before the first buyer is interested in the property.
• If contamination is discovered, there is a government fund that will pay for all investigation and cleanup costs.

For Realtors representing the Buyer:

For the buyer to make an intelligent decision regarding heating oil tanks and oil tank contamination, they need to know the basics about oil tanks and the State's clean up requirements.

We recommend you help the buyer conduct the following actions:

• Request SLR Environmental Contracting to conduct a free tank investigation on the property. This may include locating any buried oil tanks that may be present and determining the use of an oil tank at the property.
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  Require the current property owner to remove their buried oil tank and to take appropriate samples to determine if the tank has leaked. SLR Environmental Contracting specializes in removing heating oil tanks and can insure that the tank closure is done correctly and according to the state rules and regulations.
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  If the tank has already been removed, ask the seller for a copy of the tank closure report and for verification that the contamination was reported to the proper State authorities. SLR Environmental Contracting can review the seller's tank closure report for you at no charge.
  
• If contamination was discovered during tank removal, insist that the current property owner immediately notify SLR Environmental Contracting. We can help the seller report their release to the State. Reporting this to the proper authorities will help to limit your liability.