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A significant number of homeowners have stopped using their Underground Storage Tanks (USTs) but have failed to properly remove or close them. These USTs can be a major concern for home buyers in real estate transactions.
Until these abandoned USTs are properly closed, it will not be known whether they might be leaking petroleum. Discharges from leaking USTs can result in contaminated soils and drinking water. The owners of leaking USTs are often responsible for cleanup costs which can be extremely high.
If the home seller is aware of an abandoned UST on the property, this information must be disclosed to you as a home buyer. Wisconsin’s Seller Disclosure law requires most sellers of residential real estate to provide buyers with a completed Real Estate Condition Report. This Report provides you with information about various aspects of the property’s condition and includes a provision on abandoned USTs.
If there is an abandoned UST on the property you want to purchase, a REALTOR® can help you draft an offer that includes language that makes the offer contingent on the seller removing or closing the UST. If you purchase the property without any such contingency, you may be responsible for the cleanup costs if any contamination is later. In addition, you must register any change of UST ownership with the Department of Commerce