Real Estate Agents

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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Real Estate Agents have the role of Advisor, hence the need to advise clients using a certain standard of care and due diligence.  TankFinders can help educate you and your clients and provide information to reduce the uncertainty around abandoned oil tanks. 

Important Considerations for Realtors:

• Liability for abandoned oil tanks is based on a "joint, several and retroactive” polluter pays principal.  Realtors are not named as "excluded" under the Act, and could be held accountable under certain conditions. 
• Include standardized clauses in your transaction documents, protecting all parties.  For example:

1. The Contract of Purchase and Sale must clearly identify who is responsible for investigating the abandoned tank, removing the tank, and who is responsible for professional statements related to the environmental condition of the surrounding soils.
2. Reasonable deadlines related to the tank and environmental assessment must be included within the Contract.  Tank detection and removal can typically be completed within a week, however soil remediation and certification of a site can take weeks to months.

• The Seller's agent should advise their clients to the importance of accurately completing a Property Disclosure Statement (PDS) with the full disclosure of any information regarding a former or present abandoned tank. If a property owner is unaware whether a tank exists or may have existed, the Seller's agent should recommend that tank detection, a municipal file review, and the BC Site Registry be completed to aid in the accurate completion of the PDS.

Allocate risk to certified professionals at TankFinders.

We have the proper training, trusted industry contacts, and insurance.

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