Please refer to this very informative article on what you need to know about Underground Oil Tanks, written by Tony Spagnuolo, Barrister and Solicitor.
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For commercial real estate, lenders are very focused on enviromental issues, depending on the history and the previous use of the land. Sometimes an environmental report is required before lenders will commit to funding a transaction. One of the many serivces TankFinders offers is an environmental review of abandoned oil tank removal, site inspection and soil review. Please call or email us to find out more.
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As a Business Owner, you may want to remove an abandoned oil tank for a number of reasons:
- Due diligence,
- To improve the environmental conditions of your property,
- To satisfy a lender, prospective purchaser, insurance agent or local government,
- To remove high risk conditions, or
- To avoid negative impact to property value.
The responsibility for the removal of a tank and remediating any contamination falls on the current property owner. The costs of such removal can be expensive depending on how much remeditation work is required.
Insurance and Mortgages
If a tank is found on your property, you may not be able to get fire insurance. Without fire insurance, you can't get a mortgage because of the risk of total loss in the event of a fire.
If you are purchasing a property and remove subjects on the property, and a tank is later found, if the seller is not willing/able to remove the tank, you may not be able to buy the property because you can't get a mortgage. This is when it gets expensive and stressful.
The thought of an expensive tank and soil removal project is intimidating. TankFinders can help you determine if you are eligible for insurance coverage for this work.
Call TankFinders and our staff will explain the process step by step and answer all your questions. We will assist you in the process of removing your tank, taking soil samples, site clean-up, and insurance coverage.
New Regulations
Effective May 1, 2014, the City of Vancouver released a bulletin outlining new regulations for underground storage tanks. These regulations are now in-line with other Cities and Municipalities. The major changes are:
- the requirement to have soil sampling done for all tank removals,
- a new reporting template,
- and the requirement that a qualified professional sign off on all sites.
At TankFinders, we specialize in the detection and safe removal of abandoned oil tanks, soil samples and site remediation. We already perform our work in-line with the new requirements. We always take a minimum of 5 soil samples, we are using the new reporting template, and we always have a professional engineer on-site to take soil samples, monitor clean up and sign off all sites.
Testimonial: Complicated Soil Remediation
"We hired TankFinders to address a complicated soil remediation project, with offsite heating oil contamination. TankFinders acted on our behalf and worked diligently, and independently with our contractor to bring the site to compliance. They saved us significant money by helping us with insurance issues and a professional report for cost recovery action."
Matt, North Vancouver