Can you sell a house with an underground oil tank in NY?

While there is no law against the transfer of property with an underground oil tank, it is increasingly difficult to do so. Even properly decommissioned tanks run the risk of having leaked at some point in time.

Can you sell a house in NJ with an underground oil tank?

There is currently no regulation prohibiting anyone from selling or buying a home with an underground oil tank in NJ. The fact of the matter is homes with underground oil tanks are less likely to sell as quickly as those with above-ground tanks or gas.

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What does UST stand for in real estate?

Page 2. There’s an Underground Storage Tank on the Property: What Do I Do? Real Estate agents/brokers may feel uneasy when they realize a property they are showing or listing has or had one or more underground storage tanks (USTs) on the premises.

Can you sell a house with an underground oil tank in NY? – Related Questions

What is the main problem with underground storage tanks?

Underground storage tanks hold toxic material, such as gasoline and waste oil, which contain dangerous substances that can cause cancer and harm developing children. Chemicals in USTs can quickly move through soil and pollute groundwater. There is no safe level of exposure to many of these toxic substances.

Why is it important for a buyer to know if an underground storage tank is present on a property?

Commercial real estate owners must be aware of the negative impact contamination from a leaking underground storage tank has on property value. Many prospective property owners may be unaware or afraid of the requirements for operating tanks or having them removed.

What does the acronym UST stand for?

UST is the abbreviation for the United States Treasury, the federal government division that manages U.S. finances. UST is commonly used to reference debt that is issued by the United States. Organizations under the purview of the UST include the IRS, U.S.

What does the stand for in real estate?

Tenancy by entirety (TBE) is a way for married couples to hold equal interest in a property as well as survivorship rights, which keep their property out of probate. It’s not 50/50 ownership. With TBE, each spouse owns 100% of the property.

What are acronyms in real estate?

Real Estate Broker Abbreviations
  • ARV – after-repaired value.
  • CCIM – Certified Commercial Investment Member.
  • COO or C of O – certificate of occupancy.
  • CMA – comparative market analysis.
  • COCR or CCR – cash on cash return.
  • COF – cost of funds.
  • CRE – commercial real estate.
  • DTI – debt to income ratio.

What does UST stand for in construction?

UNDERGROUND STORAGE TANK APPLICATIONS AND FORMS. A UST is a device consisting of a tank or combination of tanks, and the underground piping connected to it. A UST system consists of a UST, its containment structures and all connected piping and ancillary equipment.

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What is an underground storage tank system?

An underground storage tank system (UST) is a tank and any underground piping connected to the tank that has at least 10 percent of its combined volume underground. The federal UST regulations apply only to UST systems storing either petroleum or certain hazardous substances .

What do you do if you identify an underground storage tank?

What to Do if You Find a UST
  1. Immediately try to stop and contain the leak.
  2. Call your state of local regulatory authority.
  3. Contact the local fire department to help you determine whether or not there is an immediate threat to human health, such as explosive vapors or other fire hazards.

What are UST regulations?

The UST regulations provide a flexible approach to code-making by relying on nationally recognized organizations to develop new and improved codes and practices. EPA realizes that industry codes and standards may be updated periodically. EPA regulations do not require the use of a particular issue of any code.

Are UST owners responsible for leaks?

As owner of the property with an UST, what is my liability if the tank leaks? Under the UST regulations only, the property owner is not liable for corrective action unless the property owner is also the owner or operator of the UST system.

What type of tank is covered by federal UST regulations?

Only those tanks that meet the definition of an underground storage tank (UST) system are covered by the UST regulations. Aboveground storage tanks (ASTs) are subject to other federal, state, or local regulations.

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Why are underground storage tanks a potential environmental issue?

The greatest potential threat from a leaking UST is contamination of groundwater, the source of drinking water for nearly half of all Americans. EPA, states, territories, and tribes work in partnership with industry to protect the environment and human health from potential releases.

What is the greatest potential hazard from a leaking underground storage tank?

The greatest potential hazard from a leaking UST is that its contents (petroleum or other hazardous substances) can seep into the soil and contaminate groundwater, the source of drinking water for nearly half of all Americans.

Are underground gas tanks safe?

Buried storage tanks that contain petroleum and other hazardous chemicals may pose a safety hazard to those living in homes nearby and significant financial liability to the owner.

Is a UST considered a REC?

According to the ASTM E 1527-13, a REC is “the presence or likely presence of any hazardous substances or petroleum products in, on, or at a property.” Most people associate RECs with leaking Underground Storage Tanks (UST) that were not properly closed, or property that was once a dry cleaner or a car repair shop,

How often do underground gas tanks need to be replaced?

Just like vehicles and pieces of equipment, underground storage tanks (USTs) have a lifespan of their own and eventually need to be replaced. On average, tanks can last around 25 years. That said, if tanks are close to “retirement age” and show signs of corrosion and rust, then it’s probably time to purchase new tanks.

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