Here in North Carolina, legislation recently changed and our state law demands immediate clean up by a licensed professional when leakage is discovered or land-use deed restrictions must be placed on a property. Deed restrictions from underground oil tank leakage can negatively affect the value of a home and property as well as its appeal to potential buyers. During most of 2015, a fund helped defray with the cost associated with residential tank removal in North Carolina, but new legislation has recently removed this fund. Be sure to check your state's regulations for dealing with oil tanks and leakage.

In The Triangle (Raleigh, Durham and Chapel Hill areas), homeowners used heating oil most frequently. According to Chris Boshoff, President of Cohesion Environmental Services, “The Department of Environmental Quality says there are anywhere from 200,000 to 500,000 oil tanks in North Carolina. By comparison, there are less than 50,000 gasoline tanks like you’ll find at gas convenience stores.” He estimates that, “More of 50 percent of the homes in the Triangle had heating oil. Durham is full of them as is Raleigh, Garner, Cary and Chapel Hill.”

Often current homeowners may not even be aware that a tank on their property because it was shut off before they owned the home. Boshoff goes on to say “This issue most often comes up during real estate transactions. Or a homeowner reports rain has leaked into the tanks, pushing oil into crawl spaces.”

Prior to negotiating the purchase or sale of your home, be sure to research the status of heating oil tanks. That way you can decide whether to remove the tank and possible contamination before the sale, or sell as-is.