The Enercare Assumption Agreement: What You Need to Know
If you`re in the market for a new home, chances are you`ll come across something called an assumption agreement. This is a legal document that allows a buyer to assume the existing mortgage on a property instead of getting a new one. The lender and the seller must both agree to the assumption agreement, and the buyer must qualify to take over the loan.
One example of an assumption agreement is the Enercare Assumption Agreement. Enercare is a Canadian company that offers energy solutions to both residential and commercial customers. They also offer rental services for water heaters, furnaces, and air conditioners. If you`re buying a home with rental equipment from Enercare, you`ll need to sign an assumption agreement.
So, what exactly does the Enercare Assumption Agreement entail? Here`s a breakdown of some of the key points:
1. You`ll need to meet certain conditions to assume the rental agreement.
Enercare will only allow you to assume the rental agreement if you meet specific criteria. This includes having a good credit score, passing a credit check, and having a stable job or source of income. Enercare may also require you to provide references and/or a security deposit.
2. You`ll need to agree to certain terms and conditions.
The assumption agreement will outline the terms of the rental agreement, including the monthly rental fee, the length of the rental term, and any other fees or charges that may apply. You`ll need to agree to these terms before Enercare will allow you to assume the rental agreement.
3. You`ll be responsible for maintaining the equipment.
Once you assume the rental agreement, you`ll be responsible for maintaining the rental equipment. This includes things like changing filters, scheduling regular maintenance, and keeping the equipment clean. If the equipment breaks down due to your negligence or misuse, you may be responsible for repair or replacement costs.
4. You`ll need to transfer the rental agreement if you sell the property.
If you sell the property before the end of the rental term, you`ll need to transfer the rental agreement to the new owners. This may involve additional fees or charges, and the new owners will need to meet the same criteria as you did to assume the rental agreement.
In conclusion, if you`re considering buying a home with rental equipment from Enercare, you`ll need to sign an assumption agreement. Make sure you read and understand the terms and conditions before you sign, and be prepared to meet the criteria outlined in the agreement. With the right preparation and understanding, the Enercare Assumption Agreement can be a helpful tool in your home-buying journey.