Is rental equipment like an air conditioner, furnace, and water heater transferable when buying a new home?
When buying a new home it’s in your interest to know what happens to the home’s rented equipment like the water heater and furnace once the home is sold.
It’s common now for homeowners to rent appliances like their furnace, air conditioner, or water heater. If you’re on the market for a new home you might be curious what happens to the rented appliances when you buy a home. Whether or not a home’s appliances are owned or rented should be something that’s considered when making your offer on a new home.
The home’s listing may include information about which items are included in its purchase price or are under a rental agreement. If not, you should ask for clarification from the seller. Your sales representative should also ask for a copy of the contracts for any rented appliances in the home so you can review the details. If you cannot obtain a contract for some reason, ask the seller to contact the rental provider for written confirmation and details of the rental contract.
The information that is important to you when buying a new home is the monthly cost of the rental equipment, the time remaining on the contracts, and whether the contracts can be transferred to the next owner of the home. Also check the contract for information on whether the buyer or seller has the option to either terminate or buy out the contract and any costs involved with those options.
After gathering information on all the rental equipment, you and your sales representative can draft an informed offer for the home. If you want to take over a rental agreement, your offer should include information about the equipment being transferred and a reference to the rental agreement. The rental provider may require you to sign a new contract upon transferring the property title.
Make sure to have written confirmation of all the details of the contract including which items come with the property, and which ones you may or may not want to take over.
We hope that as you’re in the process of buying a new home, this information helps you to find what you’re looking for in those confusing rental contracts.
DeMark Home Ontario provides homeowners with a simple and affordable way to rent HVAC equipment. You can rent your home’s furnace, air conditioner, or water heater through our worry-free rent to own program. Our rent to own program is transferable to the next homeowner in the event that you sell your home. Call us today at 1 (855) 998-2998 or fill out our online request form and we will be happy to assist you with your request.
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