What happens to my oil tank when I sell?
Written and reviewed by Andrew Ragusa, Licensed Real Estate Broker and Broker of Record, REMI Realty LLC — 11+ years of transactions across Long Island, Brooklyn and Queens.
The short answer
Generally, an oil tank stays with the property when you sell, and the sale by itself does not automatically require the tank to be removed. What matters is the tank’s condition and history.
A tank that is leaking, no longer in use or was not properly abandoned can require attention, and an underground tank can raise concerns during the buyer’s inspection. Not every tank has the same requirements, so what applies depends on the tank and on the New York State and local rules for that property.
If you have installation, testing or abandonment records, gather them and share them with your attorney early. I explain where this fits in the Seller’s Playbook.