Underground Oil Tank (UST) Issues
I have been running into issues of late where buyers and particuarly home sellers are not fully aware of the rules and regulations regarding either in use or abandoned heating oil tanks. There were some significant changes in the law here in Oregon last year, and the following are a few highlights, plus a link to more information from the DEQ website.
Oregon law (ORS 466.878) requires the owner to pump out all heating oil from an abandoned (unused) underground heating oil tank when: (1) The tank is no longer used as a heating source. (2) The tank has been replaced with a new one, and (3) The home or business is sold. Also, many lenders will require the tank be decomissioned either in place, or removed from the property and you will need to follow the rules from DEQ regarding the decommissioning of the tank which involves getting soil samples from around, and under the tank to confirm whether it has leaked or not. If it has leaked, then it can be decommissioned in several ways, all of which are explained on the site. If you have an active, or unactive heating oil tank, I urge you to read this information so you are aware of the issues that may come up upon the sale of your home. For buyers, we also urge you to read this so you are aware of issues we will be asking the seller to take care of for you when we write an offer on a home. The page link can be found HERE. If the link doesent work, click on the following or paste into your browser.
