Rentals to be assumed
Most people (in Ontario, anyway) rent their hot water heaters. What happens when you sell your house?
Most agreements will provide that the hot water tank rental is to be assumed by the buyer. Generally, this is quite simple; if your rental is through Enbridge, as most are, it will automatically transfer over to you when you set up your utility account with them. If you rent from one of the smaller companies, however, you must ensure that you provide this information to your lawyer so that the rental can be transferred over to the new owner. Usually this will involve the buyer signing an assumption agreement and new contract on the same terms you had agreed to.
Transferring a rental contract to a new owner is fairly simple, but you have to make sure that everyone is aware of what needs to be done.
on November 1, 2012 on 7:06 pm
People rent hot water heaters? Has anybody stopped to calculate the implied interest rate they’re paying and whether a bank loan would be cheaper?
on November 2, 2012 on 1:51 pm
It is highly unusual to see an owned hot water heater so I think that probably they have not.
on May 10, 2013 on 10:33 am
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on May 11, 2013 on 9:12 am
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