What to Do if You Find an Underground Storage Tank on Your Property

When it comes to selling a property, peace of mind for both the seller and potential buyers is key. But what if you discover an underground storage tank (UST) on your property? You may wonder, “Is this a deal-breaker?” or “What steps should I take?” The good news is that while it presents challenges, there are clear, actionable steps you can follow.

First thing’s first: Contact the TSSA

So, what’s the very first thing a seller should do upon discovering a UST? It's simple: contact the Technical Standards and Safety Authority (TSSA). You know what? This organization is your go-to guru for ensuring that your tank meets current safety standards. The TSSA regulates the installation and operation of fuel equipment in Ontario, making them the authority in this situation.

Why should this be your starting point? Well, understanding whether the tank complies with regulations is crucial for both your peace of mind and for reassuring potential buyers. If the tank is non-compliant, it could lead to legal headaches and safety concerns down the line.

Selling the property: What’s the scoop?

Once you know where you stand with the TSSA, you might be a tad anxious about selling your property. But here’s the kicker: just because you’ve got a UST doesn’t mean your property is unsellable. While you might have to handle some additional steps, many buyers are still interested in properties with USTs, provided the issues are addressed correctly.

Contrary to the rumor mill, the property does not have to be taken off the market while awaiting tank removal or assessment, as long as you inform potential buyers transparently about the tank’s existence and condition. This ‘full disclosure’ approach could actually foster trust between you and prospective buyers.

Unused tank? Not always a reason to remove it

Now, let’s talk about those tanks that are just sitting there, unused. You may instinctively think, “It’s unused—let’s get rid of it!” But hold your horses! Just because a tank isn’t being used doesn’t fundamentally mean it needs to be yanked out of the ground. Instead, assessing its condition and determining if it poses any environmental or safety threats is where the focus should lie.

Remember, retaining a qualified contractor to evaluate the tank might be a good idea once you’ve contacted the TSSA. But this should come after you've ensured the tank meets any required regulations. You want to get the best advice possible without rushing ahead prematurely.

Waiting to report? Maybe not!

Immediate reporting to local authorities may sound like a smart move, but here’s the reality: it might not be the best first step without a solid understanding of your situation and the regulations involved. It’s always important to analyze the situation before making decisions that could complicate matters further.

Conclusion: Your path forward

In summary, when faced with the discovery of an underground storage tank on your property, starting with the TSSA is key. They will guide you through compliance issues, which in turn can provide peace of mind when it comes to launching your property listings.

You’re not alone in this—many property sellers have navigated similar challenges, and with the right steps, you can emerge on the other side, equipped with knowledge and ready to strike a deal. Remember, while a UST might seem daunting, it doesn’t have to deter a sale—rather, it can shape a transparent and trusting transaction. So, take a deep breath, tackle those steps, and keep moving forward!