Depending on where you live, all fuel oil storage tanks must be inspected before filled unless an inspection was done in the last 10 years.
The concern with these tanks is they corrode from the inside out, where the failure is not readily visible. This often occurs from condensation that builds up inside the tank. Since oil is lighter than water, the water goes to the bottom of the tank where they rust / corrode. Ultimately, when they fail there is an hazardous oil spill.
Governments and insurance companies have grave concerns relating to oil tanks and the possibility of leaks / spills. The responsibility for any leak / spill rests with the owner.
Some insurance companies in Canada are not insuring homes with oil tanks, older tanks or requiring additional insurance premiums, special inspections by others and or improvements, upgrades or removal of the tanks themselves.
Underground storage tanks (UST) pose additional concerns with possible soil contamination and increased removal / remediation costs.
If you own a home with a fuel oil storage tank or are about to buy or sell a home with one, do your homework as to what the requirements are and how it might impact the purchase, sale or ownership of your home.