Coincidentally, I'm in the process of buying a house in NJ that has
in-ground oil tank. Based on my experience I would consider the following
1. Have it inspected. This cost me a couple hundred dollars, including a
scan for abandoned tanks on the property.
2. Do you have tank insurance? Crown and other NJ oil companies offer tank
insurance (so do home insurance companies). If you don't have it, I would
recommend getting it (you'll need an inspection first). The insurance will
cover clean-up ($500k was the high-end that I saw).
3. NJ has a program to subsidize the removal of in-ground tanks:
http://www.nj.gov/dep/srp/finance/ustfund/ I'm not paying for the removal
at the house, but I believe the subsidy is close to 90% of the cost.
4. Consult a lawyer. The liability and continuity of insurance for the
removal and remediation are critical.
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