Discovering an underground tank during a sale can trigger costly remediation - removal and soil testing alone run $3,000 to $10,000, and if contamination is found, cleanup costs can exceed $100,000. Most buyers' lenders will not close until the tank is removed and the soil is certified clean. If you know or suspect a buried tank exists, address it before listing. Most homeowner insurance policies do not cover tank-related environmental liability.
From the seller playbook: Underground Oil Tank Disclosure and Remediation for Sellers
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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