Underground oil tanks
Every once in a while, there will be a news story about a major oil leak that's reported in a way that tends to sensationalize the issue and negatively shape perceptions. That's why an underground oil tank is usually the biggest obstacle to listing an oil-heated home.
The chance of a home oil tank leaking is very low.
According to a study conducted by Environ Corp., an engineering consulting company, “The frequency of releases from all underground storage tanks containing home heating oil is well below 1%.”*
Because heating oil tanks are not considered a threat to the environment, there are no federal or Maryland laws that require the removal of a properly functioning and active residential heating oil tank. Many of the new tanks being installed below ground today use new innovative technology, including corrosion-resistant materials.
In the rare event your clients do have to deal with a leaking oil tank, they may be eligible for up to $20,000 in assistance. Reimbursement may be requested through the Maryland Department of the Environment, which administers the Oil Contaminated Site Environmental Cleanup Fund.
* Environ Corporation, "Analysis of the Potential Hazards Posed by No. 2 Fuel Oil Contained in Underground Storage Tanks."
© 2009 Warm Thoughts Communications, Inc.