Rental Contract Assumption: Agent Liability

Question:

My hot water tank was a rental and I wanted it to be assumed by the Buyer. It was mentioned in the Listing as a rental item. However, now that I look it was omitted from the Agreement of Purchase and Sale.

Answer

I assume that the issue was not mentioned under rental items. You wanted out, so that’s why it was identified as such on the MLS. According to the deal that you struck, you left behind the water heater as a fixture, but you are still personally responsible to the Rental Company under the rental and payout provisions.

Can you sue the Listing agent? Perhaps they should have told you what your obligations were when they brought you the Offer that you subsequently signed, Many agents miss this. Many agents love to buy second hand water heaters!

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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