A Must-Read for Home Sellers! What Does an Extra “Notice” on the Title Mean? Serious Consequences of Unclear Water Heater Rental Terms.
Many friends find a “Notice” on their property title when selling their house. What is going on?
Generally, this is registered by your water heater company. Therefore, if you rent your water heater, you must pay close attention.
What Sellers Need to Do: In your Agreement of Purchase and Sale (APS), you must clearly state that the water heater is rented and that the buyer will assume the rental contract. However, if this is not clearly specified in the contract, the seller will be responsible for paying off the entire remaining balance of the water heater—the exact cost varies by company. Finally, the seller must discharge this Notice from the title before completing the property transfer to the buyer.
What Buyers Need to Watch Out For: If the contract clearly states the water heater is rented, you simply assume and continue the rental agreement with the water heater company. Monthly rental fees are usually not very high, and the company generally handles maintenance and repairs. However, if the rental is not specified in the contract, the buyer’s lawyer must contact the seller’s lawyer to demand that the seller discharge the Notice. Otherwise, the water heater company will continue billing the buyer, causing unnecessary hassle and expenses.
The Agreement of Purchase and Sale is crucial. Every specific item must be written clearly to protect your rights and interests. If you have any questions regarding purchase contract terms or property title Notices, please contact H. Law Firm for a consultation.
📞 Contact H. Law Firm: 647-930-6688 🌐 Official Website: www.hlawfirmontario.com 📍 Service Areas: Ontario-wide · Greater Toronto Area (GTA) · Ottawa · Hamilton · London · Kitchener
H. Law Firm professionally handles real estate transactions across Ontario, providing comprehensive services in both Chinese and English for Chinese-speaking clients.
