New Westminster Oil Storage Tank History and Hazards!
New Westminster residential homes and commercial buildings built before the 1960’s had furnaces fueled with oil stored in underground oil tanks. After 1957 the use of above ground oil tanks became more popular. Later natural gas replaced the older underground and above ground oil tanks. The older decommissioned underground oil tanks were sometimes drained, capped or filled with sand. Any remaining oil now poses a costly environmental hazard to New Westminster home owners.
What does this mean for New Westminster home owners and perspective home buyers?
New Westminster home owners and perspective home buyers should be aware of the hidden hazards and liabilities. As Underground oil tanks breakdown overtime the remaining oil will leak out. This oil can cause environmental damage to the surrounding soil and water ways. This leaves home owners with the legal liabilities and costs for the tank removal and remediation of the effected areas.
Some lenders will not offer mortgages on New Westminster homes with underground oil tanks. Only moving forward once the tank removal and remediation are complete.