|Oil tanks are a serious matter and due diligence is required by the Buyer and their Agent.|
The following article from the BCREA is a good reminder to all licensees that all Contracts of Purchase and Sale for properties where an oil tank might exist must contain the appropriate clauses as provided in WebForms for insurance of the home and removal of the oil tank by the seller as well as a property inspection. Oil tanks are a not a latent defect as there are several steps that any buyer and their agent would be expected to take to confirm the existence of an oil tank including the: PDS, property inspection and subject clauses in the contract referring to what happens if an oil tank is found through an inspection by the buyer, if the seller says there is no oil tank.
The consequences of an error are large if at the end of the day a soil contamination is found as a result of an improperly maintained or decommissioned tank.
The City of Vancouver by-laws require that all tanks that have not been used for 2 or more years must be removed. Decommissioning is allowed under certain circumstances.
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