Oil Tank Removal Affects Your Mortgage Financing

Vancouver Oil Tank Removal and your Mortgage

oil tank Vancouver

oil tank Vancouver Removal

With increasing environmental consciousness, the use of oil furnaces is becoming redundant across Canada. Nowadays, people keenly take into account the detection and removal of oil tanks before purchasing a property, for constructing or redesigning their home.

Today, the detection and removal of oil tanks, underground as well as above the ground, has become important for a number of reasons. According to various surveys, professional mortgage brokers do not consider certain properties, if any oil tank is buried or is suspected to be buried, inside that property. Before finalizing any mortgage financing, they will first inspect the location for any hidden oil tanks, and will demand its removal before finalizing the deal. Besides, the mortgage brokers can also withhold a certain amount of the sale price of the property, to cover the expenses incurred on removal of the oil tanks from that property.

Another important fact is that a home with underground oil tanks cannot get the crucial fire insurance, which means that there is no risk coverage for both life and property, in case of any mishap.

In BC, the seller of a property is bound by the law to disclose the presence of oil tanks in his property, before selling it. Hence, if anyone wants to buy a Most leading mortgage experts and contractors follow ideal oil tank detection methods; to ensure that the property does not contains any oil tank. In

Oil Tank Detection Vancouver

addition, many mortgage financers have started inserting oil tank clauses in the Property Sale Contracts, which puts the onus upon the seller for removal of any oil tanks on the property.house that has an oil tank in the property, and the

seller is not in favor of removing it, then one should not proceed with that purchase. Apart from being hazardous as well as unsafe for living, there is also a possibility of not getting mortgage financing for such property. Thus dealing with such properties, can become quite stressful for the buyer.

In addition to the mortgage angle, the detection and removal of oil tanks is also crucial to prevent the contamination of surrounding areas, underground water sources, soil, vegetation, and much more.

Hence, according to professional mortgage experts, it is imperative for modern homeowners in Vancouver, to always check and ensure that there are no hidden oil tanks on their property.

– Courtesy of West Coast Tank Recovery

For more information about this topic or if you have questions on how a home inspection can help you, please contact us at 778.898.6831 or info@zegarra.ca. Thanks for checking in, be sure to visit us on Facebook as well for up to date news on enjoying your home.


Stay Connected