Richmond VA Real Estate and Underground Oil Tanks

Richmond VA Real Estate and Underground Oil Tanks

When you are searching homes for sale in Richmond VA and the surrounding counties, it is not unusual to have a home inspector uncover an abandoned underground oil tank lurking in the yard. In the last two weeks I have encountered a total of THREE tanks on properties where my buyers are under contract. While this may seem like a large concern, it is not as long as the proper action is taken by the seller to remediate the issue.

Why is an abandoned underground oil tank a problem?

Some time ago, the Virginia Department of Environmental Quality (VDEQ) determined abandoned underground oil tanks need to be filled in with a substance. Subsequently, the VDEQ discovered some of the abandoned tanks had corroded and were leaking into the soil causing an environmental hazard. It was then mandated that these tanks be reported, tested, and remediated based on the findings. If the tank has not leaked, it may be remediated with a solid-like substance. If the soil samples indicate there is a leak and the levels are high, the state will likely require the tank to be removed from the ground per their guidelines. 

What is the process of remediating an underground oil tank?

Once a tank is discovered, the seller will need to contact an environmental clean up company. Some local Richmond VA companies are: Pollard Environmental, J.L. Bishop, and Ansell & Associates. All three of these companies will test, report the findings to the state, and then remediate according to state instructions. Ansell & Associates offers free testing and remediation will cost approximately $1500 to fill in the tank. If the state requires the tank to be removed, there is money set aside in the Virginia Underground Petroleum Storage Tank Fund for the home owner, leaving them with a $500 deductible. 

What happens once the underground oil tank is remediated?

Documentation will be provided and it is important to keep this information on file in order to provide proof to a potential new home owner that the tank has been properly remediated. 

Remember, underground oil tanks in Richmond VA are not a problem when properly addressed and remediated by a skilled environmental company. It is essential that you hire a knowledgeable Richmond VA real estate agent and home inspector to help guide you through this process.

Richmond VA Realtor

Searching for a skilled Richmond VA Realtor to help you navigate the Richmond VA real estate market? Contact Shannon Milligan at the RVA Home Team with Jefferson Properties today!

*Image courtesy of: By renjith krishnan, published on 11 December 2012
Stock Image - image ID: 100126507

 

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