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Ben Schmidt of http://www.benschmidt.tv a Fredericton NB and Oromocto NB Real Estate Agent video blogs about closing day mishapsSo we closed on a property last week and I was representing the buyer. The home featured a natural gas furnace.The...

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Ben Schmidt of http://www.benschmidt.tv a Fredericton NB and Oromocto NB Real Estate Agent video blogs about closing day mishapsSo we closed on a property last week and I was representing the buyer. The home featured a natural gas furnace.The owners had purchased their units from Enbridge Gas. Now what the owner had done, was actually financed the furnace from Enbridge Gas. This is not unusual, many people do this. What the problem was, is the owner of the home assumed that the new owner of the house, my purchaser was going to over take the payments on the furnace. I believe he must has forgotten the terms of his contract, and thought that the furnace was a rental or a lease. When Enbridge Gas decided to finance the owner the natural gas furnace, they approved the loan based on his credit. They know nothing about my buyer and who he is.The confusion could also be that, other companies like Irving, use to lease their furnaces for say 10 years, and on ten years plus one day you paid $1 and the unit became yours. This contract was deemed as a lease and could be transferable between owners.So it is always interesting on closing day. Remember that if you've financed a furnace directly from where you purchased the unit, you will have to pay out the unit on closing.If you have a questions for a Realtor give me an email at ben.schmidt@me.com

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