Hot Water Tank - Rented or Owned?

Wednesday Aug 25th, 2021

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When making an Offer to purchase a home, the Buyer agrees to assume all rental contracts.  It is important to confirm what items are included and the monthly rental amounts + tax. It is not uncommon for the Hot Water Tank to be a rental, but the age of that Hot Water Tank can impact a new homeowner’s ability to acquire insurance.  If the rental Hot Water Tank is older than 15 years, the Buyer may request the Seller have a new one installed prior to closing, in order to be... [read more]

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