- October 14, 2023
- Posted by: legaleseblogger
- Category: Related News
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Hello everyone,
I hope this message finds you well. I wanted to reach out and share an update on my current situation as a first-time homebuyer. As I navigate through the process of buying a home, I’ve come across an interesting scenario that I’d like to discuss with all of you.
Recently, the seller of the house I’m interested in installed a brand new AC and Furnace. However, there’s a catch – the installation is tied to a rental agreement, which means I would have to make a monthly payment of $185 for 84 months. While the initial price will remain constant for the first 5 years, it is set to increase afterwards based on either the Consumer Price Index (CPI) or a minimum of 3.5%.
Upon careful consideration, I realized that the total contract commitment amounts to a staggering $35,000 over the 84-month period, which has raised concerns about both my financial prudence and the overall fairness of the contract. It’s a significant amount of money that could greatly impact my ability to purchase the house.
However, there might be a possible solution to this predicament. Thankfully, the seller has agreed to entertain the idea of a buyout option for the AC and Furnace, but only if I make a generous offer. With this option, I have the potential to negotiate a better price for the equipment and maintain the manageable monthly payment of $185. This would allow me to defer any further decisions until after the initial 5 years.
In order to explore this opportunity, I plan on reaching out to Reliance, the company responsible for the rental agreement, to obtain a buyout number. However, I would greatly appreciate any insights or advice that the community can offer. If any of you have had similar experiences with contracts like this, I would love to hear about the good, bad, and ugly aspects that I should be aware of. Your input would be invaluable to me as I make this crucial decision.
Thank you all in advance for your support and guidance. Your knowledge and perspectives will undoubtedly help me in navigating through this complex situation.
Best regards,
[Your Name]
Edit: Ontario
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By using the AI Legalese Decoder, I can obtain a thorough understanding of the rental agreement for the AC and Furnace, including the specific details about the price increase and how it is calculated. This will empower me to make informed decisions regarding the buyout option and negotiate from a position of knowledge.
Furthermore, the AI Legalese Decoder can also provide insights and comparisons to similar contracts, allowing me to assess their pros and cons. This will enable me to better evaluate the fairness and attractiveness of the offer presented by the seller.
Overall, the AI Legalese Decoder will play a crucial role in helping me navigate through the intricacies of the rental agreement and ensure that I make the most advantageous decision for my financial future.
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> The terms of this contract could significantly impact my ability to purchase this house. Fortunately, the seller has agreed to a buyout option for the AC and Furnace if I make a generous offer.
You have the leverage here, not the seller, because they’re risking losing the sale over the furnace. Get the seller to obtain the buyout number and deal with it themselves so that your purchase price reflects outright ownership.
Wow, $185/month for a furnace/AC rental? Insane! Must have been a very fancy ones? Call to check how much is the buyout amount. It won’t be affordable for sure. The contract is too new. Most homeowners can’t afford a buyout until 10-15 yrs into the contract as the buyout amount (in early years) is astronomical.
Seller should do a buyout or you walk away. Asking you to make a generous offer is no different than asking you to foot the bill. It’s his bad contract that he got himself in and you should not inherit this bad decision from him with your wallet.
I had a rental furnace when I bought my house in 2010. Was paying $9.99/mth, then it went up to $22.99/mth in less than 2 yrs. I called Enbridge and was told the buyout was $25 + HST because it was 22 yrs old at that time. I immediately said I want out. Enbridge didn’t bother taking the furnace back because it wasn’t worth anything to them. I continued to use it for another 9 yrs before I replaced it in 2021.
I would walk unless the Seller makes this go away at their cost. They can pay the buyout from the proceeds of the sale.
Reliance will quote you an astronomical buyout rate.
Example. I have a 9 year old water tank. They still want $980 to buy it out due to what they call “fair market value.”
Your buyout cost would likely be on the $35k end is my guess.
As others have said, the buyout terms will be extremely unfavourable to you. Your best approach is to have the seller terminate this contract on their cost. We’re in a buyer’s market so you might just pull it off.
I just don’t understand why Ontarians keep signing up for these rentals.
In a very similar boat. How is there no legal precedent that nullifies the contract when the property is sold?
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