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Up to my neck in hot water: The rental assumption clause

Posted on 04/12/2013 by Trish Mutch 0
  We all know that when it comes to contracts, we’re supposed to read the fine print… But what about the MINUTE print? If you’ve ever been part of a real estate transaction, you are probably all too familiar with the dozens of ‘Standard Clauses’ that exist on an Agreement of Purchase and Sale. There are clauses about residency and notice and chattels and fixtures and of course, clauses about the assumption of ‘Rental Equipment’ within the home. Now if you’re unfamiliar with the clause, I’m here to enlighten you. It goes a little something like this: “RENTAL ITEMS: The following equipment is rented and not included in the Purchase Price. The Buyer agrees to assume the rental. _______________________________” With
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